Aprecia Pharmaceuticals Company, a Langhorne, PA-based commercial stage pharmaceutical company, entered into an up to $30 million debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC).
The company received initial funding of $20m under the debt financing agreement has the option to draw up to an additional $10m tranche upon achievement of a certain performance milestone.
The proceeds will be used to purchase additional manufacturing equipment, fund the development and approval of Aprecia’s pipeline product candidates and continue to advance its ZipDose technology platform.
Aprecia is a commercial stage pharmaceutical company developing, manufacturing and marketing fast melt formulations of high dose pharmaceuticals, initially focused on epilepsy and other central nervous system disorders. It manufactures its products using its proprietary ZipDose technology platform, which utilizes 3DP, to formulate fast melt pharmaceutical products. Spritam is a fast melt formulation of levetiracetam and a pharmaceutical product formulated using 3DP that is approved by the U.S. Food and Drug Administration.