REDWOOD CITY, Calif.,
June 3, 2019 /PRNewswire/
-- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), a specialty
pharmaceutical company focused on the development and
commercialization of innovative therapies for use in medically
supervised settings, today announced the closing of a $25 million senior secured debt facility with
Oxford Finance LLC, a specialty finance firm providing senior debt
to life sciences and healthcare services companies worldwide.
"We are pleased to announce the closing of this debt financing
with Oxford," said Vince Angotti,
AcelRx Chief Executive Officer. "The new facility provides us with
additional, lower cost capital to further advance the recent
commercial launch of DSUVIA™. We have nearly completed the second
phase of hiring hospital account managers, which will help us
further capitalize on the high level of interest in DSUVIA from
hospitals, ambulatory surgery centers and government
customers."
The new term loan was fully funded at closing and provides
AcelRx with $25 million for the
launch of DSUVIA and general corporate purposes, including the
repayment of $9 million outstanding
under the previously existing senior credit facility. The new
loan bears interest at a variable rate, currently at 9.25%, with
interest-only payments to be made for the first year, which will be
extended an additional year if certain criteria are met. The
loan matures on June 1, 2023 with
principal and interest payments commencing after the interest-only
period. Debt service for the second half of 2019 under the
new facility is expected to approximate $1.2
million, down from approximately $4.6
million anticipated under the previous debt facility when
full year 2019 debt service guidance was provided earlier in the
year.
About AcelRx Pharmaceuticals, Inc.
AcelRx
Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. AcelRx's proprietary,
non-invasive sublingual formulation technology delivers sufentanil
with consistent pharmacokinetic profiles. The Company has one
approved product in the U.S., DSUVIA (sufentanil sublingual tablet,
30 mcg), known as DZUVEO in Europe, indicated for the management of acute
pain severe enough to require an opioid analgesic for adult
patients in certified medically supervised healthcare settings, and
one product candidate, Zalviso®(sufentanil sublingual tablet
system, SST system, 15 mcg), being developed as an innovatively
designed patient-controlled analgesia (PCA) system for reduction of
moderate-to-severe acute pain in medically supervised settings.
DZUVEO and Zalviso are both approved products in Europe. Zalviso is an investigational drug and
not approved in the U.S. For additional information about AcelRx,
please visit www.acelrx.com.
Forward-Looking Statements
Any statements in this
press release about our future expectations, plans and prospects,
including, but not limited to, statements related to the DSUVIA
launch progress, our ability to capitalize on customer interest in
DSUVIA, funding of operating activities, and guidance regarding
debt service payment amounts for the second half of 2019 are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of forward-looking terminology such as "believes,"
"expects," "anticipates," "may," "will," "should," "seeks,"
"approximately," "intends," "plans," "estimates," or the negative
of these words or other comparable terminology. The discussion of
financial trends, strategy, plans or intentions may also include
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected, anticipated or implied by
such statements. Although it is not possible to predict or identify
all such risks and uncertainties, they may include, but are not
limited to, those described in the Company's annual, quarterly and
current reports (i.e., Form 10-K, Form 10-Q and Form 8-K) filed or
furnished with the Securities and Exchange Commission (SEC). You
are cautioned not to place undue reliance on any such
forward-looking statements, which speak only as of the date such
statements were first made. To the degree financial information is
included in this press release, it is in summary form only and must
be considered in the context of the full details provided in the
Company's most recent annual, quarterly or current report as filed
or furnished with the SEC. The Company's SEC reports are available
at www.acelrx.com under the "Investors" tab. Except to the extent
required by law, the Company undertakes no obligation to publicly
release the result of any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/acelrx-announces-the-closing-of-a-25-million-senior-secured-debt-facility-300860261.html
SOURCE AcelRx Pharmaceuticals, Inc.