LANGHORNE, Pa., July 5, 2016 /PRNewswire/ -- Aprecia
Pharmaceuticals Company (Aprecia), a commercial stage
pharmaceutical company developing, manufacturing and marketing fast
melt formulations of high dose pharmaceuticals, today announced
that it has entered into an up to $30
million debt financing agreement with Hercules Capital,
Inc.. Aprecia manufactures its products using its proprietary
ZipDose® technology platform, that utilizes three
dimensional printing (3DP) to formulate fast melt pharmaceutical
products, which incorporates significantly higher amounts of active
pharmaceutical ingredient than any other fast melt technology on
the market.
Aprecia has received initial funding of $20 million under the debt financing agreement.
The proceeds will be used to purchase additional manufacturing
equipment, fund the development and approval of Aprecia's pipeline
product candidates and continue to advance its ZipDose technology
platform. Under the terms of the agreement, Aprecia has the option
to draw up to an additional $10
million tranche upon achievement of a certain performance
milestone. Armentum Partners acted as financial advisor and Morgan,
Lewis & Bockius LLP acted as legal advisor to Aprecia for this
transaction.
About Aprecia
Aprecia is a commercial stage
pharmaceutical company developing, manufacturing and marketing fast
melt formulations of high dose pharmaceuticals, initially focused
on epilepsy and other central nervous system disorders.
Aprecia manufactures its products using its proprietary ZipDose
technology platform, which utilizes 3DP, to formulate fast melt
pharmaceutical products. We launched our first commercial
product, SPRITAM®, in the
United States in March 2016. SPRITAM is the only
fast melt formulation of levetiracetam and the first pharmaceutical
product formulated using 3DP that is approved by the U.S. Food and
Drug Administration. Aprecia is privately owned, with
affiliates of Prasco, LLC and the Arington family holding a
controlling interest. The company's largest institutional investors
are Deerfield Management Company and Great American Insurance
Company. For more information visit www.aprecia.com.
About Hercules Capital
Hercules Capital, Inc. (NYSE:
HTGC) ("Hercules") is the leading and largest specialty finance
company focused on providing senior secured venture growth loans to
high-growth, innovative venture capital-backed companies in a
broadly diversified variety of technology, life sciences and
sustainable and renewable technology industries. Since inception
(December 2003), Hercules has
committed more than $6.0 billion to
over 350 companies and is the lender of choice for entrepreneurs
and venture capital firms seeking growth capital financing.
Companies interested in learning more about financing opportunities
should contact info@htgc.com, or call 650.289.3060.
Forward Looking Statements
Statements in this press
release that are not historical facts are forward-looking
statements and are subject to risks, assumptions and uncertainties
that could cause actual future events or results to differ
materially from such statements.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aprecia-pharmaceuticals-secures-up-to-30-million-from-hercules-capital-300293587.html
SOURCE Aprecia Pharmaceuticals Company