- Acerus Pharmaceuticals Corporation (ASP) has increased its loan facility from US$35.845 million to US$37.945 million
- Acerus is a pharmaceutical company commercializing and developing prescription products primarily focused on urology and men’s health
- The company was able to obtain this loan increase by paying an advance of US$2.1 million
- The loan has a yearly interest rate of 8.00 per cent per and is to be paid by the end of 2024
- Proceeds will be used for ongoing general working capital
- Acerus Pharmaceuticals Corporation (ASP) is unchanged trading at $3.00 per share as of 12:25 p.m. ET
Acerus Pharmaceuticals Corporation (ASP) has announced an agreement with First Generation Capital to increase its loan facility to US$37.945 million.
Acerus is a pharmaceutical company commercializing and developing prescription products primarily focused on urology and men’s health. It commercializes its products via its own salesforce in the United States and Canada.
The company was able to obtain this increase by paying an advance of US$2.1 million yesterday under a secured grid promissory note with First Generation.
The loan has an interest rate of 8.00 per cent per year and Acerus needs to pay it in full by December 31, 2024. The company stated it will use the proceeds for ongoing general working capital.
Acerus stated that due to First Generation’s relationship to its chairman of the board of directors, the independent members of the board met separately to discuss the amendment to the loan facility.
According to Acerus, it was unanimously determined that the amendment to the loan facility was in the best interests of Acerus.
The company also announced it 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 (ASP) is unchanged trading at $3.00 per share as of 12:25 p.m. ET.