New York City — Alliqua, Inc, an advanced biomedical products company focused on the development and manufacturing of a proprietary drug delivery platform, announced the completion of a $1-million private placement with Frost Gamma Investments Trust, headed by Miami
entrepreneur Dr. Phillip Frost.
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.
"We make this investment with enthusiasm," said Frost. "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 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."
SOURCE: Alliqua Inc