Acura Pharmaceuticals secures $335,000 bridge loan

By Elaine Rigoli

Tampa, Fla., June 30 - Acura Pharmaceuticals, Inc. announced it has secured $335,000 under a term loan agreement with Essex Woodlands Health Ventures V, LP, Care Capital Investments II, LP, Care Capital Offshore Investments II, LP, Galen Partners III, LP, Galen Partners International III, LP and Galen Employee Fund III, LP.

The loan matures on Sept. 1, 2006, bears an annual interest rate of 10%, is secured by a lien on all assets of Acura and its subsidiary and is senior to all other company debt.

Acura estimates that its current cash reserves, including the net proceeds from the loan, will fund product development and licensing activities through July. To continue operating thereafter, Acura must raise additional financing or enter into appropriate collaboration agreements with third parties providing for cash payments to Acura.

Acura has a total of $5.2 million in bridge loans outstanding and due on Sept. 1.

Acura said it will use the net proceeds from the loan to continue funding product development and licensing activities relating to OxyADF tablets and other product candidates using its aversion technology.

Acura is a pharmaceutical company located in Palatine, Ill.

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