MidCap Led Syndicate Provides Debt Financing to Anthera
Anthera Pharmaceuticals, a biopharmaceutical company developing drugs to treat serious diseases associated with inflammation, announced that it has secured a new $20 million debt financing facility through a syndicate led by MidCap Financial SBIC.
Anthera said it will use the loan proceeds to refinance the remaining principal of the loan agreement entered into with Hercules Technology Growth Capital in 2011 and for general corporate purposes.
MidCap Financial will receive warrants to purchase an aggregate of 588,235 shares of Anthera’s common stock at an exercise price of $0.68.
“The favorable terms of the new debt financing facility, coupled with our January 2013 equity financing of approximately $43.0 million of net proceeds, provides the liquidity we need to deliver key milestones for 2013 and 2014,” said Chris Lowe , Anthera’s chief business officer and chief financial officer.
Hayward, CA-based Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation and autoimmune disorders.