Acerus Pharmaceuticals Corporation reported that it has entered into an agreement to amend its senior secured term credit facility with an affiliate of MidCap Financial, LLC.

Pursuant to the terms and conditions of this amendment, the company will immediately retire US$17 million of its existing US$25 million principal amount outstanding. The remainder of the outstanding principal amount will have a final maturity date in early 2017. Additionally, upon the occurrence of certain events prior to the maturity date, the company may be required to reduce the total amount of debt outstanding to US$5 million. Finally, the facility has been amended to allow the company to repay all outstanding principal at its option at any time prior to maturity. In connection with this amendment, certain fees otherwise payable on retirement of the indebtedness have been eliminated.

“We are delighted to have been able to reach an agreement with MidCap that allows us to reduce our outstanding debt and the associated carrying costs,” stated Tom Rossi, President and Chief Executive Officer of Acerus. “Furthermore, this arrangement provides the company with more flexibility to prepay its remaining debt over the course of the loan.”

Acerus Pharmaceuticals Corporation is a Canadian pharmaceutical company focused on the development, manufacture, marketing and distribution of innovative, branded products that improve the patient experience.