Navigation Links
Pharmasset Receives $10 Million of Working Capital
Date:3/28/2008

PRINCETON, N.J., March 28 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS) received a second loan of $10 million from Horizon Technology Finance under an existing working capital loan agreement that was entered into during September 2007. Pharmasset received the first loan of $10 million in October 2007 and, at its option, may receive a third loan of $10 million by November 30, 2008, provided certain conditions are satisfied.

"We believe that our existing cash resources, together with a third loan available under our working capital agreement and anticipated payments under our existing HCV collaboration agreement with Roche, will be sufficient to fund our projected cash requirements for the next 18 months," stated Kurt Leutzinger, Pharmasset's Chief Financial Officer. "In light of the recent stock market volatility, this facility has proved to be valuable in providing flexibility regarding the timing of any future equity financings."

For each $10 million loan funded, Pharmasset will pay interest only for the first 15 months followed by 30 equal monthly installments of principal and accrued interest. The interest rate for the initial loan and the second loan will be 12%. In addition, upon entering into the working capital loan agreement, Pharmasset issued to Horizon a seven-year warrant to purchase up to 149,377 shares of common stock at an exercise price of $12.05 per share. The warrant is currently exercisable for up to 66,390 shares associated with the first loan and up to 49,793 shares associated with the second loan. The remaining 33,194 shares will become exercisable upon the funding of the third loan if it occurs.

About Horizon

Founded in 2003, Horizon Technology Finance, LLC is an independent ve
'/>"/>

SOURCE Pharmasset, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. Pharmasset Appoints Herbert J. Conrad as a Director
2. Pharmasset to Present at Cowen & Companys Health Care Conference on Tuesday, March 18th
3. Pharmasset to Present at Susquehannas Second Annual SIGnificant Investment Options in Healthcare Conference on Wednesday, March 5th
4. Pharmasset to Present at the BIO CEO & Investor Conference 2008 on Monday, February 11th
5. Pharmasset Reports Fiscal Year End 2007 Financial Results
6. Pharmasset Appoints Michael Rogers as Chief Development Officer
7. Pharmasset to Present at Three Investor Conferences in November 2007
8. Pharmasset Accesses up to $30 Million of Working Capital
9. Pharmasset to Present at the UBS Global Life Sciences Conference on Monday, September 24th
10. Pharmasset and Roche to Present R7128 Data at the 14th International Symposium on Hepatitis C Virus and Related Viruses
11. Memory Pharmaceuticals Receives Audit Opinion Containing Going Concern Qualification
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/21/2015)... 2015 Tunnell Consulting, Inc. ... as senior statistician and Principal, a position to which ... the management and analysis of complex and large data ... , “We’re delighted to have Julia join the Tunnell ... said Dr. Philippe Cini, Group Vice President and leader ...
(Date:5/20/2015)... MECHANICSBURG, Pa. , May 20, 2015 /PRNewswire/ ... announced that the Federal Trade Commission granted early ... (HSR) Antitrust Improvements Act of 1976, as amended, ... by MJ Acquisition Corporation, a joint venture that ... XII, L.P. As previously announced, MJ ...
(Date:5/20/2015)... May 20, 2015  Haemonetics Corporation (NYSE: HAE ... & CEO, will present at The Jefferies 2015 Global ... on June 1 st , 2015 at 8:30am Eastern ... Concannon,s presentation live via webcast at: http://wsw.com/webcast/jeff88/hae ... HAE ) is a global healthcare company dedicated ...
(Date:5/20/2015)... Cambridge, MA (PRWEB) May 20, 2015 ... quality transporter assay services for Drug-Drug Interactions (DDI), ... Rhenovia Pharma, a world leader in assessing impact ... Quantitative Systems Pharmacology supported by biosimulation, announced today ... The agreement allows both companies to expand their ...
Breaking Biology Technology:Julia O’Neill Joins Tunnell Consulting’s Operational and Process Improvement Practice 2Select Medical Corporation's Proposed Acquisition of Concentra Inc. through Joint Venture with Welsh Carson Receives Antitrust Clearance 2Optivia Biotechnology Inc. and Rhenovia Pharma Sign Partnership Agreement 2Optivia Biotechnology Inc. and Rhenovia Pharma Sign Partnership Agreement 3
... whose MBA and undergraduate degree were minted at the ... Clear Software's North American operations, the company said on ... ,Cape Clear, headquartered in Massachusetts, provides "enterprise service bus" ... State of Wisconsin Department of Administraiton. , ,Though its ...
... Although the Internet is an integral place of business, the ... the most credible Web sites. , ,Many Internet surfers ... see one. Their intuition is based on a number of ... a site when it appears in the natural results of ...
... their businesses for angel investors' perusal to a new ... Wisconsin Angel Network will launch a service this ... on the investors' market interests. , ,The WAN website, ... designed to be a single source that will connect ...
Cached Biology Technology:Many still distrust Web sites is yours credible enough? 2Many still distrust Web sites is yours credible enough? 3Start-ups, angels can connect on new state Web site 2Start-ups, angels can connect on new state Web site 3
(Date:4/20/2015)... 2015 Huntington Memorial Hospital is the first ... new miniaturized, wireless monitoring sensor to manage heart failure ... only FDA-approved heart failure monitoring device that has been ... physicians to manage heart failure. The CardioMEMS ... the pulmonary artery (PA) during a non-surgical procedure to ...
(Date:4/14/2015)... 14, 2015  HYPR Corp. today announced it ... ) Alliance tm , an industry consortium transforming ... to share technology and collaborate to deliver open ... more secure and private, and easier to use. ... that protects sensitive user information and eliminates the ...
(Date:4/13/2015)... CHICAGO , April 13, 2015  higi, a ... with ways to more fully engage with their communities ... its industry-leading, privacy protected and secure API.  ... API enables the most accessible, affordable, and convenient vehicle ... The API will ...
Breaking Biology News(10 mins):Huntington Memorial Hospital Becomes First in the San Gabriel Valley to Offer Patients a New Heart Failure Monitoring Solution 2Huntington Memorial Hospital Becomes First in the San Gabriel Valley to Offer Patients a New Heart Failure Monitoring Solution 3HYPR Corp. Joins the FIDO Alliance 2HYPR Corp. Joins the FIDO Alliance 3higi Launches Seamless Access to HIPAA-Compliant Health Outcomes and Activity Data 2higi Launches Seamless Access to HIPAA-Compliant Health Outcomes and Activity Data 3
... the extinction of the Javan rhinoceros in Vietnam pushes the ... creatures living in Indonesia., "We still have a chance to ... to determine the profile of the remaining group," he says., ... demise of the Javan rhinoceros population living in Vietnam by ...
... testing a way to determine the status of fetal ... and their babies. Supported by a two-year, $418,000 ... of Child Health and Human Development of the National ... cells for genetic study within the first two months ...
... on managing flows in streams and rivers or on ... Instead, watersheds need a good mix of steep, cold-running ... keep options open for salmon adapted to reproduce better ... ,Preserving that sort of varied landscape serves not just ...
Cached Biology News:Wayne State researchers working to improve genetic analysis, disorder detection 2Bears, scavengers count on all-you-can-eat salmon buffet lasting for months 2Bears, scavengers count on all-you-can-eat salmon buffet lasting for months 3
BD Falcon 850 cm Smooth-surface TufRol Roller Bottle, tissue-culture treated polystyrene, blow-molded one-piece design, with easy on/off non-vented cap, packed in double bag. (20/ca) Packaging: ...
... Flight Mass Analyzer for superior sensitivity, mass accuracy, and resolving power., ... * Precursor ion selection range: 150 - 4000 m/z, * Resolution: ... internal reference, * Dynamic range: 4 orders of magnitude ... ...
... The pYD1 Yeast Display Vector is ... proteins on the surface of Saccharomyces cerevisiae. ... ability to interact with known or putative ... receptor which consists of two domains, Aga1 ...
... Oncostatin M (OSM) is a pleiotropic cytokine ... Kaposis sarcoma cells. OSM inhibits the growth ... simulates fibroblast, smooth muscle and Kaposis sarcoma ... and low density lipoprotein receptor expression on ...
Biology Products: