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Acura Pharmaceuticals Inc.
Acura Pharmaceuticals, Inc. Secures Bridge Funding
PALATINE, Ill., Nov. 30, 2006 (PRIME NEWSWIRE) -- Acura Pharmaceuticals, Inc. (OTCBB:ACUR) today announced it has secured gross proceeds of $534,000 and a commitment for additional funding of up to $1.466 million under a term loan agreement (the "November Bridge Loan") with Essex Woodlands Health Ventures V, L.P., Care Capital Investments II, L.P., Care Capital Offshore Investments II, L.P., Galen Partners III, L.P., Galen Partners International III, L.P. and Galen Employee Fund III, L.P. The November Bridge Loan bears an annual interest rate of 10%, is secured by a lien on all assets of the Company and its subsidiary, matures on March 31, 2007 and is senior to all other Company debt. Coincident with the November Bridge Loan, all prior bridge loans to the Company were amended (the "Bridge Loan Amendment") to extend the maturity date to March 31, 2007 and to accept in satisfaction of the interest payments due under all bridge loans, including the November Bridge Loan, a number of shares of Common Stock of the Company based on the average of the closing bid and asked prices of the Common Stock for the five trading days immediately preceding the interest payment date. Including the $534,000 secured today, the Company has a total of $7.278 million in bridge loans outstanding and due on March 31, 2007.