An investment group led by family office the Ed Bass Group of Fort Worth, Texas, has made a $20 million (€14 million) investment in pharmaceutical company MonoSol Rx that will allow the company to advance its research and development program.
The consortium consists of the Ed Bass Group and private equity firms The Halifax Group and CNF Investments, a subsidiary of Clark Enterprises. The investment includes the conversion of $10 million of bridge loan debt that was established in April of this year and $10 million of equity.
MonoSol will use the money for equipment investments and the advancement of its prescription and over-the-counter pharmaceutical products. The company makes pharmaceutical products in thin, dissolving strips about the size of a postage stamp.
Edward Bass is a Texas billionaire whose family made a fortune in oil.
Edward's brother, Robert Bass, is the lead investor in a private equity firm called Oak Hill Capital Partners. Oak Hill bought eight television stations from media giant News Corp for about $1.1 billion in July.