Acura Pharmaceuticals obtains $1 million term loan agreement, seeks more funds

By Jennifer Chiou

New York, June 22 - Acura Pharmaceuticals, Inc. announced it received $1 million under a term loan agreement due June 1, 2006.

The loan, which bears interest at 10% annually, is secured by a lien on the company's and its subsidiaries' assets.

Investors include Essex Woodlands Health Ventures V, LP, Care Capital Investments II, LP, Care Capital Offshore Investments II, LP, Galen Partners III, LP, Galen Partners International III, LP and Galen Employee Fund III, LP.

The funding will be used to pursue collaboration agreements for the company's Aversion Technology abuse deterrent system and to seek long-term funding from third parties.

Acura Pharmaceuticals estimates that its current cash reserves will cover its product's development and operating expenses through August and it must obtain additional financing in order to continue as a company.

Acura Pharmaceuticals is a Palatine, Ill., pharmaceutical company specializing in products to deter abuse of opioids.

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