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News Breaks | | | | February 7, 2013 | | 08:43 EDT |  | FLML | Flamel Technologies secures $15M in financing
Deerfield Management announced that it had closed a transaction with Flamel Technologies and two of Flamel's subsidiaries to provide $15M. The objective of the financing is to enable Flamel to continue development programs and regulatory filings related to its internal pipeline of products. Deerfield provided the $15M in return for notes bearing 12.5% interest that amortize over a period from 18 months to 4 years. Deerfield also received a royalty of 1.75% of net sales of certain products being developed by Flamel's U.S. subsidiary, Eclat Pharmaceuticals, and transaction fee. The structure was responsive to Flamel's cash flow requirements and interest in avoiding equity dilution. | |
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