- Acerus Pharmaceuticals Corporation (ASP) has signed an amendment agreement with First Generation Capital regarding its loan facility
- The agreement is to increase its existing secured loan facility from US$35.845 million to US$37.945 million
- This increase was made available to the company by way of a single advance of $2.1 million on June 23, 2022 under a secured grid promissory note with First Generation
- Acerus will use proceeds from the loan facility for ongoing general working capital
- Acerus Pharmaceuticals Corporation is a specialty pharmaceutical company
- Acerus Pharmaceuticals Corporation opened the day’s trading at C$3.00 per share
Acerus Pharmaceuticals (ASP) has signed an amending agreement with First Generation Capital.
The agreement is to increase its existing secured loan facility from US$35.845 million to US$37.945 million.
First Generation Capital Inc. is affiliated with the Chairman of the Board of Directors of Acerus.
This increase will be provided to the company through a single advance of $2.1 million on June 23, 2022, under a secured grid promissory note with First Generation.
The annual interest on the loan facility is eight per cent and is repayable in full on December 31, 2024. However, the loan can be prepaid in full or in part without penalty.
The company will use the proceeds from the loan facility for ongoing general working capital.
In light of First Generation’s relationship with the Chairman of the Board of Directors of Acerus, the independent members of the Board of Directors, led by the Lead Independent Director, separately met to consider and discuss the amendment to the Loan Facility.
Following the review of such independent members of the Board of Directors, it was unanimously determined that the entering into of the amendment to the loan facility was in the best interests of Acerus.
Acerus continues to be actively engaged in the process of securing additional capital and expects to provide a progress update in the next few weeks.
Acerus Pharmaceuticals Corporation is a specialty pharmaceutical company focused on the commercialization and development of prescription products that improve patient experience, with a primary focus in the fields of urology and men’s health.
Acerus Pharmaceuticals Corporation opened the day’s trading at C$3.00.