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Acusphere, Inc.
Acusphere Announces Signing of a Definitive Agreement with Cephalon
November 14th, 2008
Acusphere, Inc. (NASDAQ:ACUS) announced the signing of a definitive agreement with Cephalon, Inc. to provide $20 million in upfront financing by purchasing a $15 million senior secured convertible note and by paying a $5 million upfront fee for an exclusive worldwide license to AI-525, a preclinical-stage injectable formulation of celecoxib using Acusphere's proprietary Hydrophobic Drug Delivery System (HDDS(TM)) technology. The transaction is expected to close in approximately 10 days. The $15 million senior secured convertible note has a three year term and an interest rate of 8%, payable annually, at the option of Acusphere, in cash or shares of common stock. At...
Source: Health Business Week (2008-11-14)
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