LAVAL, QC, March 21, 2011 - Algorithme Pharma Inc. (the "Company"), a Canadian clinical contract research organization, with facilities in Laval Québec, Montréal Québec, and through its sister company Simbec Research Limited in Merthyr Tydfil UK, today announced having secured the support of Investissement Québec in the form of a loan, which combined with new equity injection from shareholders of the Company and new credit facility arrangements with the actual principal lenders will allow the company to execute on its strategic plan aiming at growing and diversifying the business.
“We are very pleased with the involvement of Investissement Québec in this important financing project for Algorithme Pharma, a company with a head office in Laval, recognized for its unique expertise and the excellence of its management team. This represents an actual demonstration of the strategic support offered by the government to important players of the biopharmaceutical industry, a key sector for our economic development” said the member of the National Assembly for Chomedey, Mr. Guy Ouellette.
“We’re very happy to benefit from the support of Investissement Québec. Along with our shareholders, including Kilmer Capital Partners, who have demonstrated extremely strong commitment and support toward our Company and its strategic plan by injecting additional equity to support growth, and in partnership with our principal lenders who have provided the Company with credit facilities aligned with our needs, this loan with Investissement Québec will allow the Company to implement the strategies needed to position itself as a leading early stage clinical contract research organization. In particular, we intend to execute on our growth plan by expanding our capabilities, servicing new markets both geographically and through new services, and diversifying our business. We are very confident that the implementation of our strategies will position us for a bright future’’ said Mr. Christopher Perkin, Chief Executive Officer of Algorithme Pharma.
About Algorithme Pharma Inc.
Algorithme Pharma is a Canadian global clinical contract research organization who along with its sister company, Simbec Research Limited in the UK, has been offering for over 35 years full-service clinical contract research to international pharmaceutical, biopharmaceutical, and generic drug companies, in the areas of Phase I/IIa clinical studies, bioequivalence and bioanalysis (preclinical to Phase I-IV).
Marie-Claude Boisvert, Principal
Kilmer Capital Partners