NEW YORK, March 2, 2011 (GLOBE NEWSWIRE) — Alliqua, Inc. (OTCBB:ALQA) (FWB:HL1) (“Alliqua”), an advanced biomedical products company focused on the development and manufacturing of a proprietary drug delivery platform, announced the completion of a one million dollar private placement with Frost Gamma Investments Trust, headed by Miami entrepreneur Dr. Phillip Frost.
Palladium Capital Advisors, LLC acted as the Placement Agent for this transaction.
This investment will allow Alliqua to pursue the further development and commercialization for its transdermal drug delivery platform, and more specifically its pain management patch for the treatment of postherpetic neuralgia (“PHN”). PHN is associated with shingles, which is a rising medical problem in the United States and around the world, as countries continue to struggle with increasingly elderly populations. The investment will also allow Alliqua to continue development of several other proprietary products.
Dr. Phillip Frost stated, “We make this investment with enthusiasm. Alliqua has made considerable progress on the development of its PHN patch, which addresses a large and growing market. Additionally, we are impressed with the development of several other products and its IP portfolio, which has considerable market potential.”
Alliqua’s Chairman, David Stefansky, stated, “We are very excited to have Dr. Frost as an investor in Alliqua in light of his past accomplishments, as it demonstrates a great endorsement of our future success by one of the world’s leading investors. Moreover, given Dr. Frost’s knowledge and experience in the bio-medical industry, we believe that Dr. Frost’s involvement in the company will be invaluable in helping us maximize shareholder value.”
Matt Harriton, the CEO of Alliqua BioMedical, Inc., a wholly owned subsidiary of Alliqua, further stated, “Dr. Frost’s investment is an extremely exciting affirmation of our business plan and products, especially in a field in which he has tremendous proven knowledge.”