Adma draws $27.5 million of $85 million facility, adds $12.5 million

By Devika Patel

Knoxville, Tenn., May 3 – The week ended with no new private placement deals announced, but Ramsey, N.J.-based Adma Biologics, Inc., a late-stage biopharmaceutical company, elected to draw down the remaining $27.5 million of its two-part senior secured term loan facility with Perceptive Advisors, which was announced on Feb. 12.

Adma will draw down $27.5 million, which was the second tranche of the deal, available to the company once certain milestones were achieved.

In addition, the company obtained an additional $12.5 million funding commitment from the investor, which is predicated on Food and Drug Administration approval of Bivigam, lifting the size of the facility to $85 million from $72.5 million.

The terms of the additional $12.5 million are similar to the current credit facility with an interest rate of 7.5% plus the greater of one-month Libor and 350 basis points and availability through March 31, 2020.

As previously reported, the term loan is due March 1, 2022 and was funded in two tranches, with $45 million having already settled and the additional $27.5 million now available because certain milestones were achieved.

Perceptive also will receive warrants for 1.36 million shares in February, which are exercisable at a 115% premium. The investor received warrants for another 250,000 shares with the latest commitment.

Adma develops, manufactures and intends to market plasma-based biologics to treat and prevent infectious diseases.

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