Aprecia Pharmaceutical Company has entered into an up to $ 30 million debt financing agreement with Hercules Capital, Inc. The announcement follows the $ 35 million preferred stock financing earlier this year.
With their propritary ZipDose 3D printing technology platform, Arpecia produces fast melt pharmaceutical products, with a significantly higher amount of active pharmaceutical ingredients than other fast melt products currently on the market. Their first 3D printed drug called SPRITAM is available since late March this year. It is used as an adjunctive therapy in the treatment of partial onset seizures, myoclonic seizures and primary generalised tonic-clonic seizures.
ZipDose is based on a 3D printing technology developed by the Massachusetts Institute of Technology (MIT), where multiple layers of a pharmaceutical compound powder are fused together using an aqueous binding fluid. This way, the company is able to 3D print tablets with a high drug load of up to 1,000 mg in a single dose, which rapidly disintegrate with just a sip of liquid. Especially children and seniors, as well as people with swallowing disorders can benefit from this form of medication.
Aprecia has received initial funding of $20 million under the debt financing agreement. The proceeds will be used to purchase additional manufacturing equipment, fund the development and approval of Aprecia’s pipeline product candidates and continue to advance its ZipDose technology platform. Under the terms of the agreement, Aprecia has the option to draw up to an additional $10 million tranche upon achievement of a certain performance milestone. Armentum Partners acted as financial advisor and Morgan, Lewis & Bockius LLP acted as legal advisor to Aprecia for this transaction.
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