Neos Therapeutics Announces $20 Million Loan Facility and Updated Total of $18 Million for its Additional Series C Financing
DALLAS/FORT WORTH, Texas--(BUSINESS WIRE)--Neos Therapeutics, Inc. (“Neos” or “the Company”), a highly differentiated oral drug delivery company with an exciting portfolio of proprietary technologies and a late-stage pipeline of innovative controlled release (CR) products for ADHD, announced today that it has entered into a $20 million loan facility with Hercules Technology Growth Capital, Inc. (NYSE:HTGC). The Company also reported that the total amount raised in the recent additional Series C financing increased to $18 million from the $15.5 million previously announced on March 4, 2014.
The funds will support the Company’s efforts to obtain FDA approval of its three ADHD products, to expand the use of the proprietary controlled release technologies in the development of additional CR orally disintegrating tablet and CR liquid products, and to refinance its existing debt facility.
“We continue to make solid progress towards our upcoming clinical and regulatory milestones in the next 12-15 months. This additional funding extends our runway beyond that period and gives us financial flexibility,” stated Vipin K. Garg, Ph.D., Chief Executive Officer of Neos. “We appreciate the support of Hercules, and their confidence in our product pipeline and management team.”
“We are pleased to be a financial partner for Neos,” said Chad Norman, Managing Director at Hercules. “With its novel drug delivery technology and late-stage ADHD drug candidates, Neos offers a portfolio of attractive products in a well-established, growing market.”
About Neos Therapeutics
Neos Therapeutics Inc., is a specialty pharmaceutical company focused on the development and manufacture of FDA approved drug products that utilize the Company’s proprietary and patented delivery technologies. The Neos drug products are being developed using the Dynamic Time Release Suspension® (DTRS®) and Rapidly Disintegrating Ionic Masking™ (RDIM™) technologies that deliver controlled release (CR) small molecule active pharmaceutical ingredients (APIs) in either liquid or orally disintegrating tablet (ODT) dosage forms. By utilizing APIs that are already FDA-approved, Neos can reduce development and regulatory risk and efficiently advance targeted proprietary Rx products through the FDA’s New Drug Application (NDA) approval process. For more information, visit www.neostx.com.
Dynamic Time Release Suspension® and DTRS® are registered trademarks of Neos Therapeutics, LP, an affiliate of Neos Therapeutics, Inc., and Rapidly Disintegrating Ionic Masking™ and RDIM™ are trademarks of Neos Therapeutics, Inc.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) is a leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy and renewable technology industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $4.0 billion to over 260 companies and is a lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. For more information please visit www.htgc.com, or call 650-289-3060.
This press release contains certain “forward-looking statements” that include projections and may also include words such as “may”, “will”, “expects”, “believes”, “anticipates”, “plans”, “estimates”, “seeks”, “could”, “intends”, and other similar expressions. These forward-looking statements involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from what is expressed in or indicated by the forward-looking statements.
Contacts
Neos Therapeutics, Inc.
Vipin K. Garg, Ph.D., (919) 434-6643
Chief Executive Officer
vgarg@neostx.com
or
Victor Miller, (847) 597-1991
Vice President, Finance
vmiller@neostx.com
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