Four-year 12.5% debt also provides investor with a 1.75% royalty
By Devika Patel
Knoxville, Tenn., Feb. 7 - Flamel Technologies SA said it settled a $15 million 12.5% debt financing with Deerfield Management.
The debt must be repaid in four years. Deerfield Management will also receive a 1.75% royalty on net sales of products resulting from the research and development projects of the former Eclat Pharmaceuticals.
"This additional financing from Deerfield Management will provide Flamel with the means to advance our extensive research and development portfolio in both the U.S. and France as we continue to work to build a world-class specialty pharmaceutical business," chief executive officer Mike Anderson said in a press release.
Flamel is a Venissieux, France-based biopharmaceutical company.
| Issuer: | Flamel Technologies SA
|
| Issue: | Debt
|
| Amount: | $15 million
|
| Maturity: | Four years
|
| Coupon: | 12.5%
|
| Warrants: | No
|
| Investor: | Deerfield Management
|
| Settlement date: | Feb. 7
|
| Stock symbol: | Nasdaq: FLML
|
| Stock price: | $3.98 at close Feb. 6
|
| Market capitalization: | $98.63 million
|
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