ADMA Biologics, a late-stage biotechnology company, announced it has entered into a $6 million term loan commitment with Hercules Technology Growth Capital.
ADMA said it received $4 million of the total $6 million loan commitment during December 2012, with the remaining $2 million predicated on ADMA meeting certain clinical and financial milestones. The loan is secured by a first position lien on all of ADMA’s assets, excluding intellectual property, which is subject to a negative pledge.
“This financing strengthens our current cash position as we initiate our pivotal Phase III clinical trial in primary immune deficiency for our lead product candidate,” commented Adam Grossman, president and chief executive officer of ADMA. “We are focused on bringing our specialty immune globulin through the clinical program and continue to increase production and revenues in our plasma collection business.”
Hackensack, NJ-based ADMA is a late-stage biotechnology company focused on developing specialty immune globulin therapeutics and commercialization of human plasma.