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Flexion Therapeutics Secures $30MM From MidCap Financial, Silicon Valley Bank

August 05, 2015, 07:28 AM
Filed Under: Pharmaceuticals

Flexion Therapeutics, Inc. entered into a syndicated senior secured term loan facility with MidCap Financial and Silicon Valley Bank that allows Flexion to borrow up to $30 million at an annual interest rate of 6.25 percent with a maturity of February 2020, subject to certain conditions and other applicable fees. Flexion has drawn down $15 million under the non-dilutive facility and has the right to repay all borrowed funds and terminate the facility at any time, subject to pre-payment fees. Flexion intends to use the borrowings to finance the expansion of its manufacturing capacity with its contract manufacturing organizations.

Flexion is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel pain therapies. The company is currently advancing a portfolio of local, injectable drug candidates that have the potential to provide better and more persistent analgesia compared with existing therapy.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries.

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world.

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