Anthera Pharmaceuticals Inc. refinanced existing debt through a $20 million credit facility, the company said late Friday.
The Hayward-based inflammatory disease drug developer (NASDAQ: ANTH), which recently launched a Phase III trial for its lupus treatment blisibimod, also said it raised $2 million by selling stock to Chicago's Lincoln Park Capital Fund LLC. It can sell up to another $16.5 million to Lincoln Park over the next two years.
Anthera's new $20 million debt financing, which it will use to pay off the remaining principal of a 2011 loan from Palo Alto's Hercules Technology Growth Capital Inc. (NYSE: HTGC), came from a syndicate led by MidCap Financial SBIC LP.
The Lincoln Park investment will target long-term debt and working capital, the company said.
Anthera, which went public in March 2010 with a $36.7 million IPO, netted about $43 million in January from an equity financing deal. Its stock price has sunk from the initial $7 per share to Friday's close of 64 cents.
The company is led by President and CEO Paul Truex.
Ron Leuty covers biotech, higher education and China for the San Francisco Business Times.
Source: http://feedproxy.google.com/~r/vertical_10/~3/x90Sv5glSdU/anthera-anth-midcap-financial-htgc.html
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