MENLO PARK, Calif., Dec. 4, 2014 (GLOBE NEWSWIRE) -- Corium International, Inc. (Nasdaq:CORI), a commercial-stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty transdermal products, today announced that it has closed an expanded term loan facility with CRG and certain of its affiliate funds. The revised Term Loan Agreement provides an additional $10 million to the Company from CRG, which increases the aggregate principal loan amount to $45 million from the $35 million of outstanding principal provided for under the original agreement in July 2012. This revised term loan extends the maturity date of all debt to CRG from June 2017 to June 2019. Corium has drawn down the additional $10 million of principal available from this debt facility, primarily for use in supporting the advancement of its product development programs and proprietary technologies.
Together with the $48.5 million in net proceeds from Corium's initial public offering (IPO) in April 2014, the company has significantly strengthened its ability to advance its programs toward multiple clinical milestones through 2017.
"We greatly value our relationship with CRG and the support they have provided as we continue to advance our pipeline of therapeutic products and new applications for our transdermal technologies," said Peter D. Staple, Corium's President and Chief Executive Officer. "We are delighted to have CRG as a financial partner who shares our commitment to the growth of our business."
"CRG's follow-on investment represents our continued support for Corium's management team and their initiatives to expand the reach of transdermal drug delivery systems," said Charles Tate, Chairman and Founder of CRG. "We value our relationship with Corium and are excited to continue our partnership through their next growth phase."
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with $1.5 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $200 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives. CRG is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City. For additional information, please visit crglp.com.
Corium International, Inc. is a commercial-stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty pharmaceutical products that leverage the company's advanced transdermal and transmucosal delivery systems. Corium has developed, and is the sole commercial manufacturer of, six prescription drug and consumer products with partners Teva Pharmaceuticals, Par Pharmaceutical and Procter & Gamble. The company has two proprietary transdermal platforms: Corplex™ for small molecules and MicroCor®, a biodegradable microstructure technology for small molecules and biologics, including vaccines, peptides and proteins. The company's late-stage pipeline includes a contraceptive patch currently in Phase 3 trials co-developed with Agile Therapeutics and additional transdermal products co-developed with Teva. Corium has multiple proprietary programs in preclinical and clinical development for the treatment of osteoporosis, benign prostatic hyperplasia and neurological disorders. For further information, please visit www.coriumgroup.com.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy, debt financing, clinical trial timing and plans, the achievement of clinical and commercial milestones, and the advancement of our technologies and our proprietary and partnered products and product candidates. Forward-looking statements are based on management's current expectations and projections and are subject to risks and uncertainties, which may cause Corium's actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect Corium's business and its financial results are detailed in the final prospectus for our initial public offering, dated as of April 2, 2014, and filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on April 3, 2014 (File No. 333-194279), Corium's most recent Form 10-Q filed with the Securities and Exchange Commission on August 12, 2014, and other reports as filed from time to time with the Securities and Exchange Commission. Corium undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
Source:Corium International, Inc.