Local News

AAIPharma Secures $30M In New Funding

Posted October 30, 2006

— AAIPharma

, which recently emerged from bankruptcy as a private company, has closed on $30 million in new funding.

Backers included JPMorgan, a principal stockholder in the firm.

A portion of the money will be used to fund AAIPharma’s recently announced acquisition of Cvitkovic & Associés Consultants, an international contract research organization.

“The closing of this financing is yet another major step in the re-launch of our company as an important player in the drug development industry,” said Ludo Reynders, AAIPharma’s chief executive officer. “Raising capital at this time allows us to respond quickly to growth opportunities in the areas of process innovation, service specialization, and geographic expansion. The success of this offering is a clear and tangible demonstration of support by our shareholders and board of directors of the strategic plans that we have set out to achieve.”


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