Auxilium Raises Additional $50M
Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL), a specialty biopharmaceutical company, today announced it entered into an Incremental Assumption Agreement ("Incremental Agreement") with Morgan Stanley Senior Funding, Inc. ("MSSF") under its existing Credit Agreement with MSSF. Under the Incremental Agreement, the Company raised an additional $50,000,000 from a syndicate of lenders, and this additional amount is on terms consistent with its existing $225,000,000 senior secured credit facility. The Company expects to use these proceeds for general corporate purposes, including potential corporate development and licensing activities.
"This Incremental Agreement allows Auxilium to access additional capital at attractive financing rates and we believe this successful financing helps demonstrate investors' continued confidence in our Company, our strategy and our future," said Adrian Adams, Chief Executive Officer and President of Auxilium Pharmaceuticals. "We remain focused on maximizing our existing portfolio of products, while maintaining flexibility to bring in additional products with a preference for late stage or marketed products that leverage our anchor positions in men's healthcare or orthopedics."
About AuxiliumAuxilium Pharmaceuticals, Inc. is a specialty biopharmaceutical company with a focus on developing and marketing products to predominantly specialist audiences. Auxilium markets Testim® 1% (testosterone gel) for the topical