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ADMA Biologics Secures $21MM Loan Commitment From Oxford Finance

June 22, 2015, 07:16 AM
Filed Under: Pharmaceuticals

ADMA Biologics, Inc., a late-stage biopharmaceutical company developing specialty plasma-based biologics for the treatment and prevention of certain infectious diseases, announced that it has entered into a loan and security agreement with Oxford Finance LLC for up to $21 million.

"This new funding from Oxford allows us to refinance our existing loan and provides us the opportunity to extend and increase our current cash resources, while further advancing our commercialization activities," stated Brian Lenz, Vice President and CFO of ADMA Biologics.

"Oxford is pleased to provide ADMA with capital as it works towards commercializing its lead product candidate, RI-002," stated Christopher A. Herr, Senior Managing Director for Oxford Finance. "After completing a robust due diligence process, we believe there is great potential for RI-002 in the marketplace. We look forward to RI-002 coming to market to address unmet medical needs within the primary immune deficiency population."

ADMA has received the first tranche of $16 million which was used substantially to repay an existing loan. ADMA anticipates that the remaining amount available under the facility, if drawn upon, will be used for ongoing commercialization activities, working capital and general corporate purposes. ADMA is permitted to make interest-only payments until February 1, 2017. The interest-only period may be extended until August 1, 2017, upon ADMA's receipt of approval for its Biologics License Application (BLA) for RI-002 from the U.S. Food and Drug Administration (FDA) on or before January 31, 2017. ADMA also has the option to draw an additional $5 million under the facility upon the approval of its BLA by the FDA.

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life science companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $75 million.

About 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 (IGIV) targeted to niche patient populations for the treatment and prevention of certain infectious diseases, including immune-compromised individuals who suffer from an underlying immune deficiency disease or who may be immune-compromised for medical reasons.

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