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Prospector
Profile
c03
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| Graceway Pharmaceuticals, LLC |
NAICS |
325412 |
| 340 Martin Luther King Jr. Blvd., Suite 500
Bristol, TN 37620 |
Description |
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| (423) 274-2100 |
Employees |
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| http://www.gracewaypharma.com/ |
Revenue |
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$ 0.00 |
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Income |
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$ 0.00 |
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Assets |
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$ 0.00 |
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Liability |
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$ 0.00 |
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Category:
Low Rating
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Event:
Moody's Investors Service lowered the ratings of Graceway Pharmaceuticals, LLC, including the Corporate Family Rating to Caa1 from B3 and the Probability of Default Rating to Caa1 from B3. Ratings on Graceway's first and second-line credit facilities have also been lowered based on the application of Moody's Loss Given Default methodology. The rating outlook continues to be negative.
The ratings downgrade primarily reflects new uncertainties related to whether Graceway's life cycle management plans for Aldara will be successful based on lack of approval for Graceway's new lower- dose version. With approximately 80% of Graceway's 2008 revenues attributable to U.S. Aldara sales, execution of life cycle management plans remains critical. A generic launch, which could occur as early as February 2010, would result in a significant reduction in Graceway's financial flexibility and asset coverage.
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Intellectual Property:
Graceway Pharmaceuticals, LLC, has acquired from Gilead Sciences, Inc., the worldwide license, including related regulatory filings and intellectual properties, to Gilead's investigational molecule, GS 9191, for topical use. GS 9191 is an anti-proliferative agent that works by inhibiting cellular DNA synthesis, leading to the induction of apoptosis, or programmed cell death.
Graceway Pharmaceuticals and Pfizer Inc. has also entered into an Acquisition and License Agreement by which Graceway will acquire the worldwide commercial rights for three investigational dermatological molecules from Pfizer and the related transferred or licensed intellectual properties. [Company Website]
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Description:
Graceway Holdings, LLC, and Graceway Pharmaceuticals, LLC, is a specialty pharmaceutical company focused on the dermatology, respiratory, and women's health markets.
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Officers:
Jefferson J. Gregory (Chair. & CEO); Robert J. Moccia (Pres. & COO); Brian G. Shrader (CFO); James H. Lee (CMO)
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Securities:
First lien senior secured Term Loan of $600 million due 2012;
First lien senior secured revolving credit facility of $30 million due 2012;
Second lien senior secured credit facility of $330 million due 2013.
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