Ironshore Pharmaceuticals & Development, Inc. (“Ironshore”), a wholly owned subsidiary of Highland Therapeutics Inc., announced on 8/14/18 that it has entered into agreements with purchasers to raise approximately US$143 million at a purchase price of 98% by way of a private placement of Senior Secured Notes. Morgan Stanley & Co. LLC is acting as sole placement agent for the offering. The completion of the offering is subject to customary conditions and it is anticipated that closing will occur on or about August 22, 2018.

“With the FDA approval of JORNAY PM™ in hand, our primary focus has shifted to ensuring an optimal commercial launch of this innovative drug with its unique value proposition. JORNAY PM is the only stimulant medication that is dosed once daily in the evening and was developed to help patients with Attention Deficit Hyperactivity Disorder (ADHD) obtain better control over the disruptive impairments they typically experience during the early morning routine and throughout the day,” said David Lickrish, President and Chief Executive Officer. “This financing, in conjunction with the funds raised in 2017, will provide the necessary resources for Ironshore to fully support the launch of a blockbuster drug and fund the anticipated costs of all planned commercialization and marketing initiatives with the launch of the drug projected to occur in the first half of 2019.”

Jornay was approved earlier in August 2018.