Acerus Announces Private Placement and Refinancing Transactions

BioSpace | February 13, 2020

Acerus Announces Private Placement and Refinancing Transactions
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 view that the Refinancing Transactions will have the effect of substantially recapitalizing Acerus and will allow it to focus on executing upon its strategic plan for the benefit of all stakeholders.

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