Hercules Tech Provides $20MM Neos Loan Facility
Neos Therapeutics announced it entered into a $20 million loan facility with Hercules Technology Growth Capital. Neos Therapeutics also reported that the total amount raised in the recent additional Series C financing increased to $18 million from the $15.5 million previously announced on March 4, 2014.
The funds will support efforts to obtain FDA approval of its three ADHD products, to expand the use of the proprietary controlled release technologies in the development of additional CR orally disintegrating tablet and CR liquid products, and to refinance its existing debt facility.
“We continue to make solid progress towards our upcoming clinical and regulatory milestones in the next 12-15 months. This additional funding extends our runway beyond that period and gives us financial flexibility,” stated Vipin K. Garg, Neos CEO. “We appreciate the support of Hercules, and their confidence in our product pipeline and management team.”
“We are pleased to be a financial partner for Neos,” said Chad Norman, managing director at Hercules. “With its novel drug delivery technology and late-stage ADHD drug candidates, Neos offers a portfolio of attractive products in a well-established, growing market.”
Neo Therapeutics is an oral drug delivery company with a portfolio of proprietary technologies and a late-stage pipeline of controlled release products for ADHD.