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Oxford Finance Closes $25MM Debt Facility with AcelRx Pharmaceuticals

June 04, 2019, 08:40 AM
Filed Under: Pharmaceuticals
Related: Oxford Finance

AcelRx Pharmaceuticals, Inc., a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings, announced the closing of a $25 million senior secured debt facility with Oxford Finance LLC, a specialty finance firm providing senior debt to life sciences and healthcare services companies worldwide.

"We are pleased to announce the closing of this debt financing with Oxford," said Vince Angotti, AcelRx Chief Executive Officer. "The new facility provides us with additional, lower cost capital to further advance the recent commercial launch of DSUVIA™. We have nearly completed the second phase of hiring hospital account managers, which will help us further capitalize on the high level of interest in DSUVIA from hospitals, ambulatory surgery centers and government customers."

The new term loan was fully funded at closing and provides AcelRx with $25 million for the launch of DSUVIA and general corporate purposes, including the repayment of $9 million outstanding under the previously existing senior credit facility.  The new loan bears interest at a variable rate, currently at 9.25%, with interest-only payments to be made for the first year, which will be extended an additional year if certain criteria are met. The loan matures on June 1, 2023 with principal and interest payments commencing after the interest-only period.  Debt service for the second half of 2019 under the new facility is expected to approximate $1.2 million, down from approximately $4.6 million anticipated under the previous debt facility when full year 2019 debt service guidance was provided earlier in the year.

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