ISTA Pharmaceuticals reaches funding agreement

Key Points

Irvine, CA-ISTA Pharmaceuticals, Inc. has entered into an agreement with Deerfield Management, Sprout, and Sanderling Ventures, three of its long-term shareholders, to provide it with up to $65 million in financing through a flexible credit facility.

"Deerfield, Sanderling, and Sprout are leading health care investors and also three of ISTA's largest investors, and we appreciate their continued funding of ISTA's growth," said Vicente Anido Jr., PhD, president and chief executive officer of ISTA Pharmaceuticals. "This $65 million facility is the culmination of 5 months of assessing our business and strategic options.

"Our goal was to ensure we could flexibly fund ISTA's future growth while minimizing dilution impact on our shareholders. We fully believe these corporate finance activities have the potential to give our shareholders the best potential return on their investment."