Advancis amends financial agreement with Merrill Lynch Capital

By Lisa Kerner

Charlotte, N.C., Oct. 3 - Advancis Pharmaceutical Corp. and Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services, Inc., modified certain financial covenants their credit and security agreement dated June 30.

The amendment deletes the financial covenant for revenue and invoiced products for the fiscal quarter ended Sept. 30, according to an 8-K filing. It also modifies the financial covenant for revenue and invoiced products for the fiscal quarter ending Dec. 31, 2006, requiring either revenue of at least $5 million or value of invoiced products of at least $3 million.

Advancis is a pharmaceutical company based in Germantown, Md.

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