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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acacia Pharma Group Plc | LSE:0PNT | London | Ordinary Share | GB00BYWF9Y76 | ACACIA PHARM ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACPH THIS ANNOUNCEMENT CONTAINS REGULATED INFORMATION. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION Acacia Pharma Announces Early Repayment of Loan Facility from Hercules Technology Growth Capital Reduction in Debt Service Obligations Cambridge, UK and Indianapolis, US -- 4 May 2021, 07:00 CEST: Acacia Pharma Group plc ("Acacia Pharma", the "Group" or the "Company") (EURONEXT: ACPH), a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures or cancer chemotherapy, announces the early repayment and settlement in full of its debt facility with Hercules Technology Growth Capital, Inc. ("Hercules") (NYSE: HTGC) and, pursuant to the debt facility agreement already in place with Cosmo Pharmaceuticals N.V. ("Cosmo"), the proposed granting of security to Cosmo in consideration for a reduction in the coupon rate. Acacia Pharma has made early repayment in full settlement of all amounts outstanding under its loan facility from Hercules, as provided for under the terms of the Hercules loan facilty agreement (the "Hercules Agreement"), announced on 2 July 2018. This early repayment, totalling approximately $4.3 million, satisfies in full the Company's obligations under the Hercules Agreement and as a result, all security provided by Acacia Pharma to Hercules under the Hercules Agreement will be released. Under the terms of the debt facility currently in place with Cosmo, the Company is to grant security to Cosmo on materially similar terms to those granted under the Hercules Agreement in consideration for a reduction in the coupon payable on the Cosmo debt facility of 200 basis points (9% versus 11%). This will lead to a reduction in the amount of interest payable by Acacia Pharma of approximately EUR500k per annum. The terms on which security will be granted to Cosmo will be finalised as soon as reasonably practicable following this announcement. Gary Gemignani, Acacia Pharma CFO, commented: "The actions that we are taking will lower our annual debt service costs and allow us to deploy more of our capital to fund the launch of our products. We will continue to look for ways to further finance the growth of our business under favorable commercial terms, as we progress the successful commercialization of BARHEMSYS(R) and BYFAVO(TM) in the US." Contacts Acacia Pharma Group plc International Media Mike Bolinder, CEO Mark Swallow, Frazer Hall, David Gary Gemignani, CFO Dible +44 1223 919760 / +1 317 505 1280 Citigate Dewe Rogerson IR@acaciapharma.com +44 20 7638 9571 acaciapharma@citigatedewerogerson.com US Investors Media in Belgium and the Netherlands LifeSci Advisors Chris Van Raemdonck Irina Koffler +32 499 58 55 31 +1 917-734-7387 chrisvanraemdonck@telenet.be ikoffler@lifesciadvisors.com About Acacia Pharma Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures, or cancer chemotherapy. The Company has identified important and commercially attractive unmet needs in these areas that its product portfolio aims to address. Acacia Pharma's first product, BARHEMSYS(R) (amisulpride injection) is available in the US for the management of postoperative nausea & vomiting (PONV). BYFAVO(TM) (remimazolam) for injection, a very rapid onset/offset IV benzodiazepine sedative is approved and launched in the US for use during invasive medical procedures in adults lasting 30 minutes or less, such as colonoscopy and bronchoscopy. BYFAVO is in-licensed from Paion UK Limited for the US market. APD403 (intravenous and oral amisulpride), a selective dopamine antagonist for chemotherapy induced nausea & vomiting (CINV) has successfully completed one proof-of-concept and one Phase 2 dose-ranging study in patients receiving highly emetogenic chemotherapy. Acacia Pharma has its US headquarters in Indianapolis, IN and its R&D operations are centred in Cambridge, UK. The Company is listed on the Euronext Brussels exchange under the ISIN code GB00BYWF9Y76 and ticker symbol ACPH. Acacia Pharma Group plc The Officers' Mess, Royston Road, Duxford, Cambridge, CB22 4QH, United Kingdom Company number 9759376 www.acaciapharma.com
(END) Dow Jones Newswires
May 04, 2021 01:00 ET (05:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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