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Cerus signs debt facility for up to $90mm; $40mm drawn at closing

Executive Summary

Cerus Corp. (blood transfusion safety systems) closed a debt facility of up to $90mm with MidCap Financial. The agreement consists of a $70mm term loan (with an initial $40mm tranche taken at closing) and a revolving line of credit worth $5mm initially, expandable to $20mm in total. The remaining $30mm of the term loan is available in two equal tranches, with the first contingent upon Cerus receiving either CE Mark approval for the Intercept red blood cell system or a PMA supplement approval for Intercept cryoprecipitate, and the second tranche available based on achievement of certain revenue targets. Cerus will use the funds to retire an existing term loan of about $29mm from Oxford Finance.
Deal Industry
  • Medical Devices
    • Infection Control-Sterilization
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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