Heron Therapeutics closed an agreement with Tang Capital Partners to receive a loan up to $100 million with a two-year term that bears interest of 8% per annum.

The first close of $50 million is expected to occur within five business days. The second close of an additional $50 million is subject to the achievement of a corporate milestone. There are no fees, no warrants and no equity conversion feature associated with this transaction.

Heron Therapeutics is a biotechnology company focused on improving the lives of patients by developing medicines that address major unmet medical needs.