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AcelRx Secures $40 Million Credit Facility with Hercules Technology Growth Capital
Date:12/19/2013

REDWOOD CITY, Calif., Dec. 19, 2013 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain, today announced that it has entered into a new amended and restated credit facility with Hercules Technology Growth Capital, Inc. (NYSE: HTGC) that extends AcelRx's current relationship with Hercules, which was established in June 2011. The new Hercules credit facility provides for up to $40 million of new loans. 

"The proceeds from this credit facility provide AcelRx with additional operating capital and contingency funding for our commercialization activities as we continue to prepare for the launch, if approved, of Zalviso™," stated Richard King, president and CEO of AcelRx. "These proceeds also provide the financial flexibility to fund additional pipeline development programs should we decide to advance any of our pipeline opportunities forward. We appreciate the support of Hercules, and its confidence in ZalvisoTM and the AcelRx management team."

AcelRx drew the first tranche of $15 million at the closing of the new credit facility.  AcelRx applied approximately $8.5 million of the proceeds to repay its outstanding obligations under the prior credit facility with Hercules.  This repayment eliminated approximately $8.5 million of remaining scheduled principal payments in 2014.  The second tranche of up to $10 million can be drawn, at AcelRx's option, at any time prior to June 30, 2014.  The third tranche of up to $15 million is conditioned upon the approval of Zalviso by the U.S. Food and Drug Administration (FDA), and if approved, c
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SOURCE AcelRx Pharmaceuticals, Inc.
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