- Acerus Pharmaceuticals Corporation (ASP) has signed an amended agreement with First Generation Capital Inc. for an increase to its secured loan facility to US$47.94 million
- Acerus Pharmaceuticals is a specialty pharmaceutical company focused on men’s health
- The financing was originally set to be US$37.94 million
- Two US$5 million advances will be paid, one today and one on Monday
- Acerus also amended the promissory note related to the up-front fee owed to former Serenity Pharmaceuticals LLC security holders
- Acerus Pharmaceuticals Corporation (ASP) is unchanged trading at $3.00 per share as of 11:23 a.m. ET
Acerus Pharmaceuticals Corporation (ASP) signed an amended agreement with First Generation Capital to increase its secured loan facility to US$47.945 million.
Acerus is a specialty pharmaceutical company focused on commercializing and developing prescription products that improve patient experience, specifically in men’s health.
The company stated the facility was initially set to be US$37.94 million, and the increase will be made through two advances of US$5 million, one today and one on Monday, under a secured grid promissory note with First Generation.
According to Acerus, the loan facility has an 8.00 per cent interest rate and can be repaid in whole or in part any time before December 31st,2024, without penalty. The proceeds will be used for Acerus’ ongoing general working capital.
In other news, the company announced that it has amended the $US4.91 million promissory note related to the up-front fee owed to former Serenity Pharmaceuticals LLC security holders.
The security holder representative and Acerus agreed to extend the note’s maturity date so that 50 per cent of the balance will be payable on September 30th and the remainder (including interest) is due on December 31st. Acerus stated this move will allow more time to secure additional financing.
Acerus Pharmaceuticals Corporation (ASP) is unchanged trading at $3.00 per share as of 11:23 a.m. ET.