NitroMed obtains $20 million in borrowings

By Jennifer Chiou

New York, July 5 - NitroMed, Inc. said it borrowed $10 million from Oxford Finance Corp. and $10 million from General Electric Capital Corp. from new promissory notes, according to an 8-K filing with the Securities and Exchange Commission.

The notes bear interest at 9.95% per year and amortize monthly over three years.

To back the notes, Oxford and GECC were given security interests in NitroMed's personal property - but not its intellectual property.

The notes closed on June 28.

NitroMed, a Lexington, Mass.-based pharmaceutical company, announced Friday it will launch BiDil (isosorbide dinitrate/hydralazine hydrochloride) for the treatment of heart failure in black patients.

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