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Acura Pharmaceuticals,
entered into a Loan and Security Agreement (the
"Loan Agreement") with Oxford Finance LLC, pursuant to which Oxford
agreed to make a term loan to the Company in the principal amount of
$10.0 million. The loan has a fixed interest rate of 8.35% per annum
with interest only payment for the first 15 months and repayment of
all principal and interest by December 1, 2018. In addition, at
maturity or earlier termination, the Company must pay Oxford an
additional one-time interest payment of $795,000. As security for its
obligations under the Loan Agreement, the Company granted Oxford a
security interest in substantially all of its existing and
after-acquired assets, exclusive of its intellectual property assets.
The Company may use the proceeds of the Loan Agreement for general
working capital and to fund its business requirements.
Acura's President and CEO, Bob Jones said, "We are pleased to secure
this financing on favorable terms which gives us more flexibility to
advance multiple development candidates concurrently and expand our
Nexafed(R) franchise."
About Acura Pharmaceuticals
Acura Pharmaceuticals is a specialty
pharmaceutical company engaged in the research, development and
commercialization of product candidates intended to address
medication abuse and misuse, utilizing its proprietary AVERSION(R)
and IMPEDE(R) technologies. AVERSION contains polymers that cause the
drug to gel when dissolved; it also contains compounds that irritate
the nasal passages. IMPEDE is designed to disrupt the processing of
pseudoephedrine from tablets into methamphetamine.
In June 2011, the U.S. Food and Drug Administration approved
OXECTA(R) (oxycodone HCl tablets) which incorporates the AVERSION(R)
technology. The Company has a development pipeline of additional
AVERSION technology products containing other opioids.
In December 2012, the Company commenced commercialization of
NEXAFED(R) [pseudoephedrine hydrochloride (HCl)], a 30 mg
immediate-release abuse-deterrent decongestant. The next generation
pseudoephedrine tablet combines effective nasal congestion relief
with IMPEDE technology, a unique polymer matrix that disrupts the
conversion of pseudoephedrine into the dangerous drug,
methamphetamine.
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