
Home » Aerocrine completes $50M debt and equity financing
Aerocrine completes $50M debt and equity financing
May 1, 2013
Aerocrine, a medical products company, has completed a financing with an affiliate of the U.S. investment firm OrbiMed Advisors and with Novo consisting of $35 million of debt. Aerocrine also raised $ 15 million of equity from OrbiMed and a number of institutional investors through a directed share issue.
Aerocrine will utilize the proceeds to continue funding growth and expanded commercialization of its current product, as well as its pipeline of new devices for diagnosis and management of airway inflammation. Based on its long term plan, the company believes that this funding will be sufficient to reach positive cash flow and profitability.
"Aerocrine has worked closely with OrbiMed over the last several months to craft a financing structure that funds the company through its next stages of growth and towards profitability,” said Scott Myers, CEO of Aerocrine.
Matthew Rizzo, managing director of OrbiMed, added, “Aerocrine has made substantial progress with the commercialization of Niox Mino and we look forward to working with Scott and his team to help the company achieve its full potential.”
Aerocrine has been focusing its commercialization efforts in the U.S. and other key international markets. These efforts require sustained funding to support this expansion. The combination of debt and equity should provide a proper capital structure for a growth company like Aerocrine.
ABG Sundal Collier acted as sole lead manager and bookrunner in the equity financing. Mannheimer Swartling and Reed Smith acted as Aerocrine's legal advisers in the financing.
Upcoming Events
-
14Apr