Daily News: December 12, 2013

Danske Provides Revolver to Orexo

Orexo announced closing of a $30 million (MSEK 200) revolving credit facility with Danske Bank. A total of $15.22 million (MSEK 100) will be available immediately upon closing with the remaining $15.22 (MSEK 100) when specific revenue milestones are met.

The facility has a-two year tenure with an extension option and replaces the existing overdraft facility of $7.61 million (MSEK 50).

Henrik Juuel, EVP and CFO of Orexo, commented, “I am very pleased that we now have secured the necessary liquidity to support our commercialization efforts and further development of Zubsolv. This engagement underscores the strength of the focused business model that Orexo is operating, a belief in success for Zubsolv, and marks the establishment of a good partnership. I am looking very much forward to the cooperation with Danske Bank.”

Orexo is an emerging specialty pharma company with commercial operations in the U.S. and R&D in Sweden developing improved treatments using proprietary drug delivery technology.