WASHINGTON (dpa-AFX) - Apnimed, Inc., a pharmaceutical company, Monday announced that it has obtained a senior secured credit facility for up to $150 million with funds managed by HealthCare Royalty Partners, a subsidy of investment firm KKR & Co. Inc.
The capital is expected to support the company's lead product candidate AD109, which is designed to improve oxygenation during sleep by directly addressing the neuromuscular root cause of upper airway collapse in people with obstructive sleep apnea.
As per the agreement terms, Apnimed will receive $50 million at closing and another $50 million tranche will become available upon FDA approval of AD109, and the company may access a third $50 million tranche upon achievement of a pre-specified sales milestone.
The financing includes an interest-only period of four years, which is extended to five years, if Apnimed achieves a specified net sales milestone. Apnimed also agreed to pay a synthetic royalty equal to a low single-digit percentage of net sales of AD109 and certain other specified revenues, the company said in a statement.
Further, the pharmaceutical firm previously reported positive results from the pivotal SynAIRgy and LunAIRo Phase 3 trials for AD109, which will support the planned submission of a New Drug Application to the FDA, expected later this quarter.
In pre-market activity, KKR shares were trading at $91.50, up 0.30% on the New York Stock Exchange.
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