NASHVILLE, TN — Harrow Health Inc., an ophthalmic-focused healthcare company, has closed on a private stock sale for net proceeds of about $10.67 million.
Harrow sold 440,000 shares of its newly created Series B cumulative preferred stock to B. Riley Securities Inc.
The company (NASDAQ: HROW) expects to use the proceeds from this transaction “for general corporate purposes, including funding future strategic product acquisitions and related investments, making capital expenditures and funding working capital,” according to a press release.
Mark L. Baum, Harrow Health’s CEO, said, “We are pleased to have closed on this $11 million Series B Preferred Stock transaction, which, coupled with our recently closed $55 million unsecured senior notes offering and the $10 million in proceeds from our sale of Eton Pharmaceuticals stock, brings total funds raised by the Company in 2021 to just over $75 million. We expect this increase in our overall cash position to provide ample funds to aggressively pursue several current business development engagements to acquire, partner or in-license FDA-approved or late-stage FDA-approvable ophthalmic drug candidates currently under negotiation. We are very appreciative of the support from the financial community and our stockholders in Harrow Health’s vision, and we are very excited about the transformative opportunities we see in the near future.”
Harrow Health owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business, and Visionology, a direct-to-consumer eye care subsidiary focused on chronic eye disease. The company also holds large equity positions in Eton Pharmaceuticals, Surface Ophthalmics and Melt Pharmaceuticals, all of which started as Harrow Health subsidiaries. Harrow Health also owns royalty rights in four clinical stage drug candidates being developed by Surface Ophthalmics and Melt Pharmaceuticals.