Horizon Pharma Secures $60 Million Loan Facility
Horizon Pharma, Inc. (NASDAQ: HZNP) announced today that it has entered into a loan agreement with a group of lenders to provide $60 million in capital. Horizon used $22.4 million of the loan proceeds to repay the remaining obligations under its loan agreements with Oxford Finance LLC, Silicon Valley Bank and Kreos Capital III (UK) Limited, and expects to use the remainder of the capital to fund the ongoing commercial launch of DUEXIS® in the U.S., and to pursue regulatory approval for DUEXIS in Europe and LODOTRA® in the U.S.
"This transaction provides Horizon with funding to facilitate our U.S. launch of DUEXIS and allows us to pursue regulatory and marketing approval for DUEXIS in Europe and LODOTRA in the U.S. while managing shareholder dilution," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma.
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