Aprecia Pharmaceuticals, a commercial stage pharmaceutical company developing, manufacturing and marketing fast melt formulations of high dose pharmaceuticals, entered into an up to $30 million debt financing agreement with Hercules Capital.

Aprecia has received initial funding of $20 million under the debt financing agreement. The proceeds will be used to purchase additional manufacturing equipment, fund the development and approval of Aprecia’s pipeline product candidates and continue to advance its ZipDose technology platform. Under the terms of the agreement, Aprecia has the option to draw up to an additional $10 million tranche upon achievement of a certain performance milestone.

Armentum Partners acted as financial advisor and Morgan, Lewis & Bockius acted as legal advisor to Aprecia for this transaction.

Langhorn, PA-based Aprecia manufactures its products using its proprietary ZipDose technology platform, which utilizes three dimensional printing to formulate fast melt pharmaceutical products, which incorporate significantly higher amounts of active pharmaceutical ingredient than any other fast melt technology on the market.