Acacia shows strength with early $4.3m Hercules repayment
Cambridge company Acacia Pharma Group plc has settled in full a debt facility with Hercules Technology Growth Capital, Inc. with an early repayment of around $4.3 million.
Acacia is to grant security to new backer Cosmo on materially similar terms to those granted under the Hercules agreement on a basis that will lead to a reduction in the amount of interest payable by Acacia Pharma of around €500k a year.
The terms on which security will be granted to Cosmo will be finalised as soon as possible.
Gary Gemignani, Acacia Pharma CFO, said: “The actions we are taking will lower our annual debt service costs and allow us to deploy more of our capital to fund the launch of our products.
“We will continue to look for ways to further finance the growth of our business under favourable commercial terms, as we progress the successful commercialisation of BARHEMSYS® and BYFAVO™ in the US.”
Acacia is a hospital pharmaceutical company focused on the development and commercialisation of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures or cancer chemotherapy.