CAMBRIDGE: Acacia Pharma Group announced that it has drawn down the remaining €10 million available under its unsecured €25 million loan facility with Cosmo Technologies Limited, a wholly-owned subsidiary of Cosmo Pharmaceuticals N.V.
The Company plans to deploy this capital to support its ongoing US launches of BARHEMSYS (amisulpride injection) for postoperative nausea & vomiting and BYFAVO™ (remimazolam for injection) for procedural sedation.
“We are extremely grateful for the continued support from our partner, Cosmo. This capital injection, in addition to the placing funds raised recently, significantly strengthens our financial position and will help us to further fund the launches of BARHEMSYS and BYFAVO in the US,” said Acacia Pharma’s CEO, Mike Bolinder.
“We are delighted with the progress we have made in 2020: BARHEMSYS was launched in August and we are on track to launch BYFAVO by the end of the year. We see great potential in both products for addressing the care of patients undergoing medical procedures and for improving patient throughput in hospitals. We will be working hard over the next 12 months, during our initial launch phase, to ensure formulary access for our products as a key first step in establishing a base from which to drive sales in hospitals in the US.”
Acacia Pharma announced on 10 January 2020 that it had entered a strategic in-licensing transaction with Cosmo (click here to access the announcement). The agreement granted Acacia Pharma exclusive US commercialization rights to BYFAVO and was made alongside an equity investment and debt facility by Cosmo to finance the commercialization of both BARHEMSYS and BYFAVO.
Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures, or cancer chemotherapy. The Company has identified important and commercially attractive unmet needs in these areas that its product portfolio aims to address.