A local venture capital firm is part of a trio of companies that has provided a pharmacy company in which they invested a year ago more capital to expand.
Petra Capital Partners has committed an unspecified amount of subordinated debt to Salveo Specialty Pharmacy, a St. Petersburg, Fla.-based company also backed by Three Arch Partners out of Southern California and NewSpring Capital from the Northeast. Regions Bank also has signed on as provider of a senior credit facility for Salveo, which a year ago received nearly $30 million in funding. Salveo's new capital commitments were led by Sofinnova Ventures out of Silicon Valley.
Petra Capital officials could not be reached immediately for comment Tuesday. Salveo has used its new money to buy Los Angeles' Mission Road Pharmacy, which helps patients with oncology, HIV/AIDS, hepatitis, rheumatoid arthritis and mental health therapies.