- Acerus Pharmaceuticals (ASP) has closed a US$15 million secured loan facility
- First Generation Capital will make the loan available to the company through advances under a secured grid promissory note
- The loan facility is subordinated to the existing facility with SWK Funding LLC and bears interest at a rate of 8 per cent per annum
- The company will use the proceeds for ongoing general working capital
- Acerus Pharmaceuticals is focused on developing prescription products with a primary focus on men’s health
- Acerus Pharmaceuticals (ASP) is trading flat at $0.05 per share
Acerus Pharmaceuticals (ASP) has closed a US$15 million secured loan facility.
First Generation Capital, a company affiliated with Acerus’ Chairman, will make the loan available to the company through advances under a secured grid promissory note.
The loan facility is subordinated to the existing facility with SWK Funding LLC and bears interest at a rate of 8 per cent per annum.
Acerus will have to repay the loan in full by December 31, 2024 with cash payments of interest and/or principal subject to certain exceptions related to the company’s market capitalization and the outstanding principal amount of the senior facility with SWK.
Acerus can prepay in full or in part without penalty following repayment in full of indebtedness owed to SWK.
The company will use the proceeds for ongoing general working capital.
Ed Gudaitis, President and CEO of Acerus, commented,
“We have an ambitious goal of rapidly commercializing NATESTO in the United States and, as such, need to ensure we have the capital in place to execute on the opportunity at hand. By working with First Generation to establish this loan facility, we can focus on leveraging our operations and continuing to implement a successful growth strategy.”
Acerus Pharmaceuticals is a Canadian-based specialty pharmaceutical company focused on developing prescription products with a primary focus on men’s health.
Acerus Pharmaceuticals (ASP) is trading flat at $0.05 per share as of 2:32 pm ET.
