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Company Release no. 02/2017
To: NASDAQ Copenhagen A/S Copenhagen, Denmark, 08 February 2017
Veloxis Pharmaceuticals Announces Amended and Restated Loan and Security Agreement
Veloxis Pharmaceuticals A/S (OMX: VELO) today announced that it has agreed to amend and restate the terms of its previously announced loan and security agreement with Lundbeckfond Invest A/S and Novo A/S.
The parties initially entered into a loan and security agreement in March 2016 that provided Veloxis with up to USD 20 million in financing at an interest rate of 9.25%, payable annually in arrears. The terms of the amended and restated agreement make available an additional USD 10 million in financing at an interest rate of 12%, payable annually in arrears. Like the original USD 20 million facility, the new USD 10 million facility may be utilized in tranches and repaid without penalty.
"The original $20 MM loan facility provided Veloxis with sufficient liquidity to fund company operations until profitability. The new $10 MM facility will allow the Company to pursue additional discretionary objectives, including a sales force expansion and funding for investigator initiated studies, that we believe optimally position the Company for future growth." — Craig Collard, Chief Executive Officer of Veloxis.
For more information, please contact:
Craig Alexander Collard
President & CEO
Phone: +1 919 591 3065
About Veloxis Pharmaceuticals
Veloxis Pharmaceuticals A/S is a commercial-stage specialty pharmaceutical company committed to improving the lives of transplant patients. A Danish company, Veloxis Pharmaceuticals A/S operates in the U.S. through Veloxis Pharmaceuticals Inc., a wholly-owned subsidiary headquartered in Cary, North Carolina, USA and maintains a second corporate office in Edison, New Jersey, USA. Veloxis has successfully developed Envarsus XR (tacrolimus extended-release tablets) based upon the company's unique and patented delivery technology, MeltDose®, which is designed to enhance the absorption and bioavailability of select orally administered drugs. The company is focused on the direct commercialization of Envarsus XR in the US, expansion of partnerships for markets around the world, and acquisition of assets utilized in transplant patients and by adjacent medical specialties. Veloxis is listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO.
For further information, please visit www.veloxis.com.