Flexion Therapeutics Secures $30MM From MidCap Financial, Silicon Valley Bank
AFlexion Therapeutics, Inc. entered into a syndicated senior secured term loan facility with MidCap Financial and Silicon Valley Bank that allows Flexion to borrow up to $30 million at an annual interest rate of 6.25 percent with a maturity of February 2020, subject to certain conditions and other applicable fees. Flexion has drawn down $15 million under the non-dilutive facility and has the right to repay all borrowed funds and terminate the facility at any time, subject to pre-payment fees. Flexion intends to use the borrowings to finance the expansion of its manufacturing capacity with its contract manufacturing organizations.
Flexion is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel pain therapies. The company is currently advancing a portfolio of local, injectable drug candidates that have the potential to provide better and more persistent analgesia compared with existing therapy.
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries.