BEDMINSTER, N.J. & RESEARCH TRIANGLE PARK, N.C. & NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Aerie Pharmaceuticals, Inc. (NASDAQ:AERI), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of first-in-class glaucoma therapies, announced today that it has closed its $125 million financing with Deerfield Management Company L.P. (“Deerfield”), a current Aerie shareholder. Under the terms of the financing, the notes are secured and will accrue interest at a rate of 1.75% per annum until maturity in September of 2021. The notes are convertible at a conversion price representing a 30% premium over the closing price of Aerie stock on September 8, 2014, resulting in a conversion price of $24.80 per share.
Proceeds of the financing are expected to provide sufficient resources to complete all known clinical requirements for Aerie’s development programs advancing RhopressaTM and RoclatanTM, and to commercialize RhopressaTM later in 2017, pending successful outcome of the trials. Aerie also intends to use the proceeds in part for general corporate purposes and for strategic growth opportunities.
“Now that the Deerfield financing has closed, we have the financial resources to drive our lead clinical programs forward into commercialization while having the additional flexibility to execute our strategy of building a major ophthalmic pharmaceutical company,” commented Vicente Anido, Jr., Ph.D., Chairman and Chief Executive Officer at Aerie.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Aerie Pharmaceuticals, Inc.
Aerie is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of first-in-class glaucoma therapies. The Company has commenced two Phase 3 registration trials in the United States for triple-action RhopressaTM, named "Rocket 1" and "Rocket 2," where the primary efficacy endpoint will be to demonstrate non-inferiority of IOP lowering for RhopressaTM compared to timolol, and has now commenced a third Phase 3 safety trial, named "Rocket 3," in Canada.
The Company also recently completed a Phase 2b clinical trial for quadruple-action RoclatanTM, which met the primary efficacy endpoint, demonstrating statistical superiority of RoclatanTM to each of its components. RoclatanTM is a fixed-dose combination of RhopressaTM with latanoprost, the market-leading PGA, and if approved has the potential to be the most efficacious IOP-lowering therapy.
Deerfield is a leading investment management firm, committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com.
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