Healthcare Finance Group (HFG) announced that it provided a $15 million senior secured revolving line of credit to Premier Research.
Premier Research is a contract research organization (CRO) providing clinical development services to biotech, pharmaceutical and medical device companies. Proceeds of the financing are being used to provide additional funds to support Premier’s growth.
“This financing will enable us to continue our expansion and support our substantial above market growth. Premier is rapidly becoming one of the top global, specialized CROs. We are experiencing significant expansion in pediatrics, rare diseases and medical devices while continuing to be a market leader in analgesia and working on some leading-edge pharmaceutical technologies such as submicron and nano-size compounds and modified stem-cell products,” said Christopher Codeanne, chief financial officer of Premier Research.
“HFG recognized the opportunities we are building and, importantly, was able to understand the intricacy of operating and financing a CRO. This financing will allow us to continue product development efficiencies for bringing new medicinal products to market faster and at a lower cost, helping improve the lives of patients worldwide,” Codeanne added.
Steven Goldsmith, senior vice president of HFG, said, “HFG is very pleased to close this financing with Premier. The CRO sector is very complex and healthcare finance industry expertise was critical in understanding the complexities of the sector. Premier is a specialized company that is well positioned for continued growth in the U.S. market. Our senior debt facility will provide the financial resources necessary for the company to meet its growth objectives.”
HFG is a specialty lender dedicated exclusively to providing secured debt financing to healthcare companies.