Auxilium Pharmaceuticals, Inc. Secures $30 Million Revolving Credit Line With Silicon Valley Bank
MALVERN, PA--(Marketwire - August 5, 2009) - Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL),
a specialty biopharmaceutical company, today announced it has obtained a
two-year revolving line of credit for working capital needs from Silicon
Valley Bank (SVB) with $30 million committed at closing and an "accordion
feature" that provides for an additional $10 million upon mutual agreement
by the parties. The revolving line of credit may at times be subject to a
borrowing base of trade accounts receivable and is secured by substantially
all of the Company's assets, including intellectual property.
"This new credit facility provides additional financial flexibility at very
attractive interest rates," said James E. Fickenscher, Chief Financial
Officer of Auxilium Pharmaceuticals. "We believe this new partnership with
Silicon Valley Bank should assist us in financing an anticipated inventory
and receivables build as we prepare for and launch XIAFLEX in Dupuytren's
contracture."
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital/private equity and premium wine
industries. SVB provides a comprehensive suite of financing solutions,
treasury management, corporate investment and international banking
services to its clients worldwide. Through its focus on specialized markets
and extensive knowledge of the people and business issues driving them,
Silicon Valley Bank provides a level of service and partnership that
measurably impacts its clients' success. Founded in 1983 and headquartered
in Santa Clara, Calif., the company serves clients around the world through
27 U.S. offices and international operations in China, India, Israel and
the United Kingdom. Silicon Valley Bank is a member of global financial
services firm SVB Financial Group (NASDAQ: SIVB), with SVB Analytics, SVB
Capital, SVB Global and SVB Private Client Services. More information on
the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are provided by
Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB
Financial Group is also a member of the Federal Reserve.
About Auxilium
Auxilium Pharmaceuticals, Inc. is a specialty biopharmaceutical company
with a focus on developing and marketing to urologists, endocrinologists,
orthopedists and select primary care physicians. Auxilium markets
Testim® 1%, a topical testosterone gel, for the treatment of hypogonadism
through its approximately 190-person sales and marketing team. Auxilium
has five projects in clinical development. XIAFLEX™ (collagenase
clostridium histolyticum), formerly referred to as AA4500, has completed
phase III clinical trials for the treatment of Dupuytren's contracture, and
the biologics license application is under review at the FDA for the
treatment of Dupuytren's contracture. XIAFLEX is in phase IIb of
development for the treatment of Peyronie's disease and is in phase II of
development for treatment of Frozen Shoulder syndrome (Adhesive
Capsulitis). Auxilium's transmucosal film product candidate for the
treatment of overactive bladder (AA4010) and its fentanyl pain product
using its transmucosal delivery system are in phase I of development. The
Company is currently seeking a partner to further develop these
transmucosal film product candidates. Auxilium has rights to additional
pain products and products for hormone replacement and urologic disease
using its transmucosal film delivery system. Auxilium also has options to
all indications using XIAFLEX for non-topical formulations. For additional
information, visit http://www.auxilium.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This release contains "forward-looking-statements" within the meaning of
The Private Securities Litigation Reform Act of 1995, including statements
regarding the commercialization of XIAFLEX, the effect of our new credit
facility with SVB and our ability to finance our anticipated XIAFLEX
inventory and receivables build; products in development for Peyronie's
disease, Frozen Shoulder syndrome, overactive bladder, pain, hormone
replacement and urologic disease; and all other statements containing
projections, statements of future performance or expectations, or
statements of plans or objectives for future operations (including
statements of assumption underlying or relating to any of the foregoing).
You can identify these statements by the fact that they use words such as
"believe," "appears," "may," "could," "will," "estimate," "continue,"
"anticipate," "intend," "should," "plan," "expect," and other words and
terms of similar meaning in connection with any discussion of projections,
future performance or expectations, plans or objectives for future
operations (including statements of assumption underlying or relating to
any of the foregoing). Actual results may differ materially from those
reflected in these forward-looking statements due to various factors,
including further evaluation of clinical data, results of clinical trials,
decisions by regulatory authorities as to whether and when to approve drug
applications, and general financial, economic, regulatory and political
conditions affecting the biotechnology and pharmaceutical industries and
those discussed in Auxilium's Annual Report on Form 10-K for the year ended
December 31, 2008 under the heading "Risk Factors," which is on file with
the Securities and Exchange Commission (the "SEC") and may be accessed
electronically by means of the SEC's home page on the Internet at
http://www.sec.gov or by means of Auxilium's home page on the Internet at
http://www.Auxilium.com under the heading "For Investors -- SEC Filings."
There may be additional risks that Auxilium does not presently know or that
Auxilium currently believes are immaterial which could also cause actual
results to differ from those contained in the forward-looking statements.
Given these risks and uncertainties, any or all of these forward-looking
statements may prove to be incorrect. Therefore, you should not rely on any
such factors or forward-looking statements.
In addition, forward-looking statements provide Auxilium's expectations,
plans or forecasts of future events and views as of the date of this
release. Auxilium anticipates that subsequent events and developments will
cause Auxilium's assessments to change. However, while Auxilium may elect
to update these
forward-looking statements at some point in the future, Auxilium
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing Auxilium's assessments
as of any date subsequent to the date of this release.
Auxilium disclaims responsibility for statements above in "About Silicon
Valley Bank," which were provided by Silicon Valley Bank for inclusion in
this release.
Contact Information: CONTACT:
James E. Fickenscher
Chief Financial Officer
Auxilium Pharmaceuticals, Inc.
+1-484-321-5900
or
William Q. Sargent Jr.
Vice-President, Investor Relations and Corporate Communications
+1-484-321-5900