Water Street's Partnership with Leading Medical Products Company Leads to FDA Approval and Commercial Launch of Clindamycin in 0.9% Sodium Chloride Injection

CHICAGO, June 7, 2017 /PRNewswire/ -- Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that its development partnership with a leading medical products company has resulted in the U.S. Food and Drug Administration (FDA) approval and commercial launch of ready-to-use clindamycin injection in saline. 

Water Street's company, Celerity Pharmaceuticals, LLC, is funding and leading the development and approval of nine product families using its partner's proprietary container technology, enhanced packaging platform, and aseptic filling manufacturing process. Following FDA approval of this new product, Celerity transferred ownership of the NDA to its partner, which today announced the commercial launch of the product in the United States. The approval of clindamycin in saline is the third molecule developed and approved as part of this joint effort.

"We are honored to be entrusted by our partner with funding and developing clindamycin and other important drug products," said Al Heller, operating partner with Water Street and chairman of Celerity.  "Our team's years of experience operating and growing pharmaceutical businesses along with Dan Robins' strong leadership of the Celerity development team continues to make this unique collaboration successful. We look forward to continuing to work with our partners to support their goals."

About Water Street

Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world's leading health care companies on its investments including Johnson & Johnson, Medtronic, Smith & Nephew and Walgreen Co. Water Street's team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit waterstreet.com.

SOURCE Water Street Healthcare Partners