Corium Expands Term Loan with CRG
Corium International announced that it has closed an expanded term loan facility with CRG and certain of its affiliate funds. The revised term loan agreement provides an additional $10 million, which increases the aggregate principal loan amount to $45 million from the $35 million of outstanding principal provided for under the original agreement in July 2012.
This revised term loan extends the maturity date of all debt to CRG from June 2017 to June 2019. Corium has drawn down the additional $10 million of principal available from this debt facility, primarily for use in supporting the advancement of its product development programs and proprietary technologies.
Together with the $48.5 million in net proceeds from Corium’s IPO in April 2014, the company has significantly strengthened its ability to advance its programs toward multiple clinical milestones through 2017.
“We greatly value our relationship with CRG and the support they have provided as we continue to advance our pipeline of therapeutic products and new applications for our transdermal technologies,” Peter D. Staple, Corium’s president and CEO said. “We are delighted to have CRG as a financial partner who shares our commitment to the growth of our business.”
Corium International is a commercial-stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty pharmaceutical products that leverage the company’s advanced transdermal and transmucosal delivery systems.