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Labopharm amends debt facility agreement with Hercules
Date:6/25/2009

- Company Improves Financial Flexibility -

LAVAL, QC, June 25 /PRNewswire-FirstCall/ - Labopharm Inc. (TSX: DDS; NASDAQ: DDSS) today announced it has amended its debt facility agreement with Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC).

Based on regulatory approval and recent launch of its once-daily tramadol product in the United States, the Company has been able to establish more favourable repayment terms. Under the amended agreement, Labopharm has extended the date required to begin repaying the loan to July 1, 2010 from July 1, 2009, and the maturity date of the loan has been extended to June 1, 2012 from December 1, 2011. In consideration of the revised repayment terms, Labopharm will not draw down the remaining US$5 million of the US$25 million facility.

The amended agreement provides Labopharm with greater financial flexibility as the Company continues to transition to a commercial entity. The amendments will result in lower interest expense in 2009 and will provide additional liquidity through 2010 and 2011, strengthening the Company's balance sheet as commercial sales of its once-daily tramadol product increase following the recent U.S. launch. The remaining portion of the Warrant granted to HTGC under the terms of the original agreement vested at the completion of the amendment. All other terms of the agreement remain unchanged.

Labopharm also announced that it has entered into a $2.6 million credit facility with the National Bank of Canada (the "ABCP Facility"). This facility, which has a term of three years, is in furtherance of a previously announced agreement with the National Bank of Canada to borrow an amount of up to 45% of the principal value of the notes issued to the Company in the context of the re
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SOURCE Labopharm Inc.
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