ADMA Biologics, Inc. announced it has secured a loan commitment for up to $15 million from Hercules Technology Growth Capital, Inc., a leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets.
“This additional funding has strengthened our cash position and extends our runway beyond our expected upcoming clinical and regulatory milestones. The loan further provides for an attractive, minimally dilutive financing arrangement from a partner who understands the intimate nuances of our business,” commented Brian Lenz, Vice President and Chief Financial Officer.
“The capital committed from this loan facility will enhance our cash position and allow the company greater flexibility as we progress with our Phase III trial and plasma collection center expansion plans. Based upon our current development program for RI-002, data anticipated in the fourth quarter of 2014, the expected filing of a Biologics License Application (BLA) in 2015 and the potential for RI-002’s approval in 2016, this additional capital will help to fund initial commercialization efforts during this period. We are pleased to further expand upon our long-term relationship with Hercules,” stated Adam Grossman, President and Chief Executive Officer of ADMA Biologics, Inc.
ADMA is a late-stage biopharmaceutical company that develops, manufactures, and intends to market specialty plasma-based biologics for the treatment and prevention of certain infectious diseases. ADMA’s mission is to develop and commercialize plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases. The target patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disease or who may be immune-compromised for medical reasons. ADMA also operates ADMA Bio Centers, an FDA-licensed and GHA-certified source plasma collection facility located in Norcross, Georgia, which provides ADMA with a portion of its blood plasma for the manufacture of RI-002.