Cardiome Pharma entered into a term loan agreement with CRG-managed funds. The agreement provides Cardiome with up to $30 million of available borrowing capacity.

Under the terms of the agreement, CRG and its managed funds will initially provide $20 million, which will be used to retire existing debt and for general working capital purposes. Up to $10 million of additional funding will be available to Cardiome in two tranches, through June 2017, subject to the satisfaction of certain conditions. The agreement bears interest at 14% per annum.

William Hunter, M.D., president and CEO of Cardiome, said, “We are delighted to enter into this agreement with CRG as we believe that it will prove not only to be an excellent financial partner through this initial loan agreement, but also a significant strategic asset to our growing company.”

Vancouver-based Cardiome Pharma is a specialty pharmaceutical company that concentrates on the development and commercialization of cardiovascular therapies to improve the quality of life and health of patients suffering from heart disease.

CRG (fna Capital Royalty) is a healthcare-focused investment firm with more than $2 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans.