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Thursday, Jun 30, 2022

Manufacturer for Hire Sets $5.7M Offering

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Seal Beach-based Biopharma Manufacturing Solutions Inc. has filed to sell about $5.7 million worth of common stock in a public offering.

The company registered with the Securities and Exchange Commission for the sale of 72 million shares of common stock at about 8 cents a share on the over-the-counter bulletin board market.

Biopharma indicated in its filing that it will set out to become a contract manufacturer, providing services such as technology transfer and scale-up, project management, process design, value engineering and process automation.

Biopharma said that it plans to assist clients “in all phases of biopharmaceutical project lifecycle” from concept through Food and Drug Administration approval.

Biopharma aims to “grow its own line of biopharmaceutical process equipment and automation” for the clinical and commercial markets, the company said.

It also intends either to contract or build a manufacturing facility to handle services ranging from clinical-scale making of development-stage drugs to contract manufacturing of generic drugs.

“The potential scope of medicines that may benefit from [Biopharma’s] services broadly range from development-stage stem-cell cancer treatments or other cutting-edge, niche clinical medicines to biotechnology and pharmaceutical drugs,” the company said.

Prior Deal

Biopharma came into being through a shell company called Beachwood Acquisition Corp. It said in the filing that it changed the company’s name in August 2011 after a change of control that included issuing shares to new shareholders, electing new officers and directors and accepting the resignation of then-existing officers and directors.

The company’s sole employee and officer is Chief Executive Gary Riccio. Riccio declined comment.

Biopharma has no revenue now but could develop sales from business assets it bought from Riccio. That deal came earlier this month, when Biopharma acquired BioPharmaceutical Process Engineering and Consulting Services in a stock-for-assets deal.

It acquired the company from GMR Engineering Inc., a contracting company owned by Riccio, whose background includes eight years with the Lever Brothers division of British-Dutch consumer products conglomerate Unilever.

Biopharma said it started with “no ongoing business or operations and was established for the purpose of completing a business combination with a target company such as [BioPharmaceutical Process] and prepare the acquisition for a registration statement and/or public offering of securities.”

“Emerging” Status

Biopharma’s filing makes numerous references to being an “emerging growth company” under Jumpstart Our Business Startups guidelines.

The guidelines, which for up to five years exempt emerging growth companies from disclosing certain kinds of financial information, were included in legislation passed in April.

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