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Anthera Refinances Existing Debt with New $20 Million Credit Facility and Secures $18.5 Million Committed Equity Financing Facility
Date:4/5/2013

HAYWARD, Calif., April 5, 2013 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH), a biopharmaceutical company developing drugs to treat serious diseases associated with inflammation, today announced that it has secured a new $20.0 million debt financing facility through a syndicate led by MidCap Financial SBIC, LP ("MidCap Financial"). Anthera will use the loan proceeds to refinance the remaining principal of the loan agreement entered into with Hercules Technology Growth Capital, Inc. in 2011 and for general corporate purposes. MidCap Financial will receive warrants to purchase an aggregate of 588,235 shares of Anthera's common stock at an exercise price of $0.68.

"The favorable terms of the new debt financing facility, coupled with our January 2013 equity financing of approximately $43.0 million of net proceeds, provides the liquidity we need to deliver key milestones for 2013 and 2014," said Chris Lowe , Anthera's Chief Business Officer and Chief Financial Officer.

Additionally, Anthera has entered into an $18.5 million common stock purchase agreement with Lincoln Park Capital Fund, LLC ("LPC") a Chicago-based institutional investor. Upon executing the agreement, LPC made an initial purchase of $2,000,000 in common stock from Anthera at a purchase price of $0.648 per share. Furthermore, for a period of two years, Anthera has the right to sell up to an additional $16.5 million of its common stock to LPC at prices that are generally determined by the Company. Anthera expects to use the proceeds from this transaction for servicing long-term debt and working capital.

Under the terms of the agreement, there are no upper limits to the price that LPC may pay to purchase Anthera's common stock.  Anthera will control the timing of any future sales and the amount of share
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SOURCE Anthera Pharmaceuticals, Inc.
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