6/12/2013 10:06:52 AM
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PALO ALTO, Calif.--(BUSINESS WIRE)--Anacor Pharmaceuticals (NASDAQ: ANAC) announced today that it has entered into a loan agreement with Hercules Technology Growth Capital, Inc. (NYSE: HTGC) (“Hercules”) for up to $45.0 million in new capital to be distributed in three tranches. Anacor borrowed the first tranche of $30.0 million upon the execution of the loan agreement on June 7, 2013 and used approximately $22.6 million to repay the remaining obligations under its loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation. Anacor expects to use the remainder of the funding for filing its New Drug Application (“NDA”) for tavaborole, conducting additional clinical studies of AN2728 and for general working capital. The second tranche of $10.0 million is available at Anacor’s discretion through December 5, 2013, and the third tranche of $5.0 million is available upon confirmation of the U.S. Food and Drug Administration’s (“FDA”) approval of the tavaborole NDA through the earlier of December 15, 2014 or 30 days after the FDA approval of tavaborole.
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