By Devika Patel
Knoxville, Tenn., June 3 – AcelRx Pharmaceuticals, Inc. settled a $25 million term loan with Oxford Finance LLC on May 30, according to a press release and 8-K filed with the Securities and Exchange Commission. The lender is the agent.
The loan accrues interest at 675 basis points plus the greater of Libor and 2.5%. It is due June 1, 2023 and may be prepaid with a fee beginning on May 31, 2020.
Oxford also received warrants for 176,679 common shares. The warrant is exercisable at $2.83 for 10 years.
The company used about $9 million of the proceeds to repay its loan with Hercules Technology II, LP and Hercules Technology Growth Capital, Inc.
Based in Redwood City, Calif., AcelRx is a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of acute and breakthrough pain.
| Issuer: | AcelRx Pharmaceuticals, Inc.
|
| Issue: | Term loan
|
| Amount: | $25 million
|
| Maturity: | June 1, 2023
|
| Coupon: | 675 bps plus the greater of Libor and 2.5%
|
| Call: | Beginning on May 31, 2020, with a prepayment fee
|
| Warrants: | For 176,679 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $2.83
|
| Agent: | Oxford Finance LLC
|
| Investor: | Oxford Finance LLC
|
| Settlement date: | May 30
|
| Distribution: | Private placement
|
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