HACKENSACK, N.J.--()--ADMA Biologics, Inc.(ADMA), a late-stage biotechnology company focused on developing specialty immune globulin therapeutics and the commercialization of human plasma, announced it has entered into a $6 million term loan commitment with Hercules Technology Growth Capital, Inc., (Hercules: NYSE: HTGC).
“We are focused on bringing our specialty immune globulin through the clinical program and continue to increase production and revenues in our plasma collection business.”
ADMA received $4 million of the total $6 million loan commitment during December 2012, with the remaining $2 million predicated on ADMA meeting certain clinical and financial milestones. The loan is secured by a first position lien on all of ADMA’s assets, excluding intellectual property, which is subject to a negative pledge.
“This financing strengthens our current cash position as we initiate our pivotal Phase III clinical trial in primary immune deficiency for our lead product candidate” commented Adam Grossman, President and Chief Executive Officer of ADMA. “We are focused on bringing our specialty immune globulin through the clinical program and continue to increase production and revenues in our plasma collection business.”
For additional information with respect to the loan agreement with Hercules, please refer to our Current Report on Form 8-K which has been filed with the Securities and Exchange Commission or by visiting our website www.admabio.com.
About ADMA’s lead product candidate
ADMA’s lead product candidate, RI-002 is a specialty plasma-derived, polyclonal, Intravenous Immune Globulin, or IGIV, prepared with high levels of antibodies against respiratory syncytial virus, or RSV. ADMA is pursuing an indication for the use of this specialty IGIV product for treatment of patients diagnosed with primary immunodeficiency disease, or PIDD. Polyclonal antibodies are the primary component of IGIV products. PIDD is a disorder that causes a person’s immune system to not function properly. PIDD is caused by hereditary or genetic defects and can affect anyone regardless of age or gender.
About ADMA Biologics, Inc.
ADMA is a late-stage biotechnology company focused on developing specialty immune globulin therapeutics and commercialization of human plasma. ADMA’s mission is to develop and commercialize plasma-derived, human immune globulins targeted at niche patient populations some with unmet medical needs. In addition, ADMA operates ADMA Bio Centers, a wholly-owned subsidiary which is an FDA-licensed source plasma collection facility located in Norcross, Georgia.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward looking statements.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate,” “project,” “intend,” “forecast,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “will likely,” “should,” “could,” “would,” “may” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements concerning the timing, progress and results of the clinical development, regulatory processes, potential clinical trial initiations, potential investigational new product applications, biologics license applications, and commercialization efforts of the Company's product candidate(s). Forward-looking statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks listed under the heading “Risk Factors” in Amendment No. 3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 22, 2012 and Amendment No. 4 to our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on August 10, 2012. Therefore, current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent to the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by ADMA or any other person that the objectives and plans of ADMA will be achieved in any specified time frame, if at all. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward looking statements or to announce revisions to any of the forward-looking statements.