CAPITAL RESOURCE PARTNERS ANNOUNCES $18.5 MILLION INVESTMENT IN PROMETHEUS
LABORATORIES, INC., A SPECIALTY PHARMACEUTICAL COMPANY
Boston,
MA, June 20, 2001 - Capital Resource Partners ("CRP")
announced today its $18.5 million investment in Prometheus Laboratories,
Inc., a specialty pharmaceutical company that markets and sells branded
therapeutic and diagnostic products for the treatment of gastrointestinal
diseases and disorders. Prometheus delivers proprietary laboratory
testing services that complement its pharmaceutical products, providing
physicians with a comprehensive solution to treat chronic diseases.
CRP co-led
Prometheus' $60 million round of senior notes with its $18.5 million
investment. Other participants included three institutional mezzanine
investors. In addition, Prometheus raised $35 million of convertible
preferred stock from a national merchant banking group and existing
investors.
The total
proceeds of the capital raise were used to support Prometheus' acquisition
of four branded pharmaceutical products.
According
to Bill Holm, Partner, Capital Resource Partners, "We are very
enthusiastic about Prometheus' prospects for growth. The company has
three key components for achieving success -- an extremely strong
management team with industry knowledge and a focused strategy, a
proprietary and complementary array of products, and a differentiated
sales and marketing effort."
According
to Pamela Bliss, Investment Manager, Capital Resource Partners, "We
found Prometheus' complementary diagnostic and therapeutic strategy
compelling. The company's products assist physicians at multiple points
of intervention from disease detection and diagnosis to therapeutic
treatment and drug monitoring."
Capital
Resource Partners provides mezzanine and equity capital for growth,
leveraged buyouts, and recapitalizations. Through its $425 million
fund, Capital Resource Partners IV, CRP invests $5 million to $30
million in a wide range of industries including business and information
services, manufacturing, consumer products and services, software
telecom, and healthcare services.