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Acerus Announces Private Placement and Refinancing Transactions

February 13, 2020 / Pharma News

Acerus Pharmaceuticals Corporation Today announced that it has entered into agreements with First Generation Capital, Inc. (“First Generation”) in respect of an equity financing and debt-to-equity conversion by First Generation and with SWK Funding LLC (“SWK”) in respect of an amendment to the Company’s existing credit facility (the “SWK Facility”) with SWK (the “Refinancing Transactions”). First Generation is currently the Company’s largest shareholder and a lender to the Company and an entity owned and controlled by Mr. Ian Ihnatowycz, Chairman of the board of directors (the “Board”) of the Company. The Refinancing Transactions have been negotiated on an arm’s-length basis, including under the supervision of and upon a recommendation by, a special committee of the Board (the “Special Committee”) comprised of entirely independent directors unrelated to the parties involved. The Company is of the ...