Orexo announces a new MSEK 200 credit facility
Uppsala, Sweden – December 12, 2013 – Orexo AB, “Orexo” (OTCQX: ORXOY; NASDAQ OMX Stockholm: ORX) announces closing of a MSEK 200 (MUSD 30) revolving credit facility with Danske Bank. MSEK 100 will be available immediately upon closing and the remaining MSEK 100 when specific Zubsolv® revenue milestones are met. The facility has a two year tenure with an extension option and the facility replaces the existing overdraft facility of MSEK 50.
Henrik Juuel, EVP and Chief Financial Officer of Orexo commented: “I am very pleased that we now have secured the necessary liquidity to support our commercialization efforts and further development of Zubsolv®. This engagement underscores the strength of the focused business model that Orexo is operating, a belief in success for Zubsolv, and marks the establishment of a good partnership. I am looking very much forward to the cooperation with Danske Bank”.
For further information, please contact:
Henrik Juuel, EVP and Chief Financial Officer
Tel: +46 (0)722-20 94 77, E-mail: [email protected]
About Orexo AB
Orexo is an emerging specialty pharma company with commercial operations in the United States and R&D in Sweden developing improved treatments using proprietary drug delivery technology and commercial operations in the United States. The company is commercializing its proprietary product, Zubsolv®, for maintenance treatment of opioid dependence, in the United States. Zubsolv is a novel formulation of buprenorphine and naloxone using Orexo’s extensive knowledge in sublingual technologies. Orexo has a portfolio of two approved and revenue generating products currently marketed under license in the EU and US. Orexo AB, with its headquarters in Sweden, is listed on NASDAQ OMX Stockholm Exchange, under the symbol “ORX”, and its American Depositary Receipts (ADRs) trade on the OTCQX marketplace in the U.S. under the symbol “ORXOY”. The largest shareholders are Novo A/S and HealthCap.
For information about Orexo AB, please visit www.orexo.com.
|Orexo AB (publ) discloses the information provided herein pursuant to the Financial Instruments Trading Act and/or the Securities Markets Act. The information was submitted for publication at 08:00 am CET on December 12, 2013.|