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MonoSol RX secures $50 million loan

MonoSol RX manufactures pharmaceutical products at this Monosol plant and a second one in Portage.

MonoSol RX, a pharmaceutical company that was spun off from Merrillville-based MonoSol, secured a $50 million credit facility that will be used to pay debt and move forward clinical-stage drug candidates.

"Securing a sizeable credit facility with a leading global life sciences fund such as Perceptive Advisors is a significant accomplishment for MonoSol Rx and provides an important validation for the Company and our PharmFilm technology platform," said Keith Kendall, CEO of MonoSol Rx.

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The New Jersey-based specialty pharmaceutical company makes a dissolvable film for drugs at two plants in Portage, where its research and development operations are also based.

The credit facility will allow MonoSol Rx to repay outstanding debt to White Oak Global Advisors and provide the company with important working capital, Kendall said.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.