American Injectables Inc., a near Tampa Bay, FL-based sterile injectables manufacturing company, secured a commitment for $10m of Series A financing.
The investment was made by New Rhein Healthcare Investors. New Rhein Managing Partners Subhanu Saxena and Greg Parekh will join the company’s Board of Directors. Shilpa Pharma Inc.’s current CEO Adam Levitt will also join the Board.
The company will use the funds to scale its production and launch several parenteral products in order to work toward alleviating current drug shortages in the US and address the high unmet need for sterile injectables.
Led by new CEO Vern Allen, American Injectables is a sterile injectable manufacturer of parenteral drugs with a facility focused on ready-to-use pre-filled syringes and vials. The company’s product line includes small molecule 505b2 and 505j syringe and vial products, and it serves as an outsourced contract manufacturing partner for strategic pharmaceutical companies.
American Injectables has built a new facility that includes state-of-the-art equipment and an integrated third-party analytical lab. It has a currently installed manufacturing capacity of 16 million units with expansion capability up to 50 million units.
Due to the recent global health crisis caused by COVID-19, American Injectables will focus initially on manufacturing generic parenteral products and other essential medicines to meet demand during this period of heightened drug shortages.