MidCap Financial Provides $22MM Term Loan to Cardiome
Cardiome Pharma announced the closing of a senior, secured term loan facility of up to $22 million to be made available to the company by MidCap Financial, in two tranches with an interest rate of LIBOR plus 8%.
Cardiome currently intends to use the proceeds of the first tranche of $12 million for working capital and general corporate purposes. The second tranche of up to $10 million is available to support a product or company acquisition. The loan carries a term of 48 months and is secured by substantially all of the assets of the company.
Cardiome Pharma is a specialty pharmaceutical company dedicated to the development and commercialization of cardiovascular therapies that will improve the quality of life and health of patients suffering from heart disease.