Hercules Tech Provides ADMA Biologics $5MM Tranche
ADMA Biologics announced that it has received a $5 million tranche from Hercules Technology Growth Capital. The $5 million was based upon ADMA achieving clinical endpoints of a Phase III clinical study of RI-002 as a treatment for Primary Immunodeficiency Disease (PIDD), under its existing loan and security agreement.
“We are very pleased to have achieved this key, positive Phase III milestone. We have enjoyed working with the Hercules team, and receiving this additional $5 million will further strengthen our current cash position. This funding will supplement and enhance our commercialization planning, plasma inventory build-up and will allow for the initiation of staffing for our commercial infrastructure,” stated Adam Grossman, president & CEO.
ADMA is a late stage biopharmaceutical company that develops, manufactures, and intends to market specialty plasma-based biologics for the treatment and prevention of certain infectious diseases.