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Recro Pharma amends Athyrium credit facility

Published 01/02/2019, 07:38 AM
© Reuters.  Recro Pharma amends Athyrium credit facility
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  • Recro Pharma (NASDAQ:REPH) amends its existing credit facility with Athyrium Capital Management. A New Drug Application for intravenous (IV) meloxicam, is currently under review by the FDA, with PDUFA goal date of March 24, 2019.
  • This amended credit facility reinstates access to $40M in debt funding. Under the prior agreement, Recro Pharma secured $100M in credit from Athyrium, of which the Company had drawn $60M.
  • The first $10M was funded as of December 31, 2018 and an additional $15M will be available upon the FDA’s approval of IV meloxicam. The final $15M will be available after early sales traction with IV meloxicam.
  • In consideration for this amendment, Recro Pharma paid an amendment fee of $500,000 to Athyrium, plus other customary contractual based fees, and has repriced the existing Athyrium warrants to $6.84 per share.
  • Now read: A Good Time To Buy GW Pharmaceuticals


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