InnoPharma Inc. Raises $8 Million in Venture Debt

              InnoPharma Inc. Raises $8 Million in Venture Debt

PR Newswire

PISCATAWAY, N.J., June 7, 2012

PISCATAWAY, N.J., June 7, 2012 /PRNewswire/ -- InnoPharma, Inc. today
announced that it has closed on an $8 million growth capital financing from
Comerica Bank and NXT Capital Venture Finance. Proceeds will provide
additional working capital and will support the Company's ongoing development
of niche generic and innovative specialty pharmaceutical products in
injectable and ophthalmic dosage forms. Armentum Partners acted as strategic
advisors to InnoPharma for this transaction.

Navneet Puri, Ph.D., president & CEO of InnoPharma, commented, "This loan
facility provides InnoPharma with the financial flexibility to support the
Company's continued growth and accelerate advancement of key products in our
development program. We remain focused and committed to delivering on our goal
of providing patients and prescribers access to cost effective, safe and
easy-to-use products that are, where possible, improved over currently
available presentations."

"InnoPharma has a robust pipeline of unique specialty pharmaceutical products
and the team has made great strides tackling many of the formulation
challenges currently facing drug developers," said Jeff Chapman, senior vice
president at Comerica. Peter Fair, managing director of NXT Capital Venture
Finance added, "InnoPharma's management team has a unique blend of top-notch
drug development experience coupled with strong business acumen. We are
extremely pleased to provide a flexible financing solution to a company with
such demonstrated talent for producing complicated drugs that service
significant market needs."

About Comerica Bank

Comerica Bank, with 217 banking centers in Michigan, is a subsidiary of
Comerica Incorporated. Comerica made a $17 million investment in Detroit with
the renovation of its building at 411 W. Lafayette, which has been renamed
Comerica Bank Center and is now the bank's Michigan Market headquarters.
Comerica Incorporated (NYSE: CMA) is a financial services company
strategically aligned by three business segments: The Business Bank, The
Retail Bank, and Wealth Management. Comerica focuses on relationships, and
helping people and businesses be successful. For more information, visit
www.comerica.com.

About NXT Capital                                    

NXT Capital Venture Finance is a division of NXT Capital that serves
entrepreneurs by providing less dilutive, more flexible forms of capital. With
offices in Boston and Silicon Valley, NXT Capital Venture Finance provides
senior and subordinated term loans in the $1 million to $20 million range to
emerging growth companies backed by venture capital and private equity firms,
particularly those in the technology and life science sectors. Target clients
range from pre-revenue companies led by dedicated entrepreneurs to late-stage,
proven businesses seeking more efficient growth capital. For more information,
see www.nxtcapital.com/venture-finance.

About InnoPharma, Inc.

InnoPharma is a sterile product development company, focused on developing
niche generic and innovative specialty pharmaceutical products in injectable
and ophthalmic dosage forms. The Company has a broad portfolio of products
under development, with formulations including solutions, suspension,
lyophilized, emulsions, liposomes, micelles and lipid complexes. InnoPharma's
pipeline includes small molecules with solubility and stability challenges, as
well as difficult to produce and characterize polypeptides and carbohydrates.
The Company has a comprehensive infrastructure for the development of its
products in its state of the art R&D facilities in New Jersey, with the
capability to handle potent and cytotoxic molecules. More information can be
found at www.innopharmainc.com.

SOURCE InnoPharma, Inc.