Egalet Completes $40 Million Secured Debt Financing
Source: PR Newswire (US)
WAYNE, Pa., Aug. 31, 2016 /PRNewswire/ --
Egalet Corporation (Nasdaq: EGLT) ("Egalet"), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions, today announced the completion of a secured debt offering of $40 million. Egalet plans to use the net proceeds from this transaction to repay all outstanding obligations to Hercules Capital, Inc. under its existing loan agreement, to support the approval and planned commercialization of ARYMO™ ER (Morphine Sulfate) extended-release tablets, an abuse-deterrent morphine, to support the development of Egalet-002, an abuse-deterrent, extended-release oxycodone, and for general corporate purposes. Morgan Stanley & Co. LLC acted as sole placement agent for the transaction.
