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Auxilium Pharmaceuticals, Inc. Secures
$30 Million Revolving Credit Line With Silicon Valley Bank
MALVERN, PA, Aug 05, 2009 (MARKETWIRE via COMTEX) -- Auxilium
Pharmaceuticals, Inc. (NASDAQ: AUXL), a specialty
biopharmaceutical company, today announced it has obtained a
two-year revolving line of credit for working capital needs from
Silicon Valley Bank (SVB) with $30 million committed at closing
and an "accordion feature" that provides for an additional $10
million upon mutual agreement by the parties. The revolving line
of credit may at times be subject to a borrowing base of trade
accounts receivable and is secured by substantially all of the
Company's assets, including intellectual property.
"This new credit facility provides additional financial
flexibility at very attractive interest rates," said James E.
Fickenscher, Chief Financial Officer of Auxilium
Pharmaceuticals. "We believe this new partnership with Silicon
Valley Bank should assist us in financing an anticipated
inventory and receivables build as we prepare for and launch
XIAFLEX in Dupuytren's contracture."
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies
in the technology, life science, venture capital/private equity
and premium wine industries. SVB provides a comprehensive suite
of financing solutions, treasury management, corporate
investment and international banking services to its clients
worldwide. Through its focus on specialized markets and
extensive knowledge of the people and business issues driving
them, Silicon Valley Bank provides a level of service and
partnership that measurably impacts its clients' success.
Founded in 1983 and headquartered in Santa Clara, Calif., the
company serves clients around the world through 27 U.S. offices
and international operations in China, India, Israel and the
United Kingdom. Silicon Valley Bank is a member of global
financial services firm SVB Financial Group (NASDAQ: SIVB), with
SVB Analytics, SVB Capital, SVB Global and SVB Private Client
Services. More information on the company can be found at
www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the
commercial banking operation of SVB Financial Group. Banking
services are provided by Silicon Valley Bank, a member of the
FDIC and the Federal Reserve. SVB Financial Group is also a
member of the Federal Reserve.
About Auxilium
Auxilium Pharmaceuticals, Inc. is a specialty biopharmaceutical
company with a focus on developing and marketing to urologists,
endocrinologists, orthopedists and select primary care
physicians. Auxilium markets Testim(R) 1%, a topical
testosterone gel, for the treatment of hypogonadism through its
approximately 190-person sales and marketing team. Auxilium has
five projects in clinical development. XIAFLEX(TM) (collagenase
clostridium histolyticum), formerly referred to as AA4500, has
completed phase III clinical trials for the treatment of
Dupuytren's contracture, and the biologics license application
is under review at the FDA for the treatment of Dupuytren's
contracture. XIAFLEX is in phase IIb of development for the
treatment of Peyronie's disease and is in phase II of
development for treatment of Frozen Shoulder syndrome (Adhesive
Capsulitis). Auxilium's transmucosal film product candidate for
the treatment of overactive bladder (AA4010) and its fentanyl
pain product using its transmucosal delivery system are in phase
I of development. The Company is currently seeking a partner to
further develop these transmucosal film product candidates.
Auxilium has rights to additional pain products and products for
hormone replacement and urologic disease using its transmucosal
film delivery system. Auxilium also has options to all
indications using XIAFLEX for non-topical formulations. For
additional information, visit
http://www.auxilium.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This release contains "forward-looking-statements" within the
meaning of The Private Securities Litigation Reform Act of 1995,
including statements regarding the commercialization of XIAFLEX,
the effect of our new credit facility with SVB and our ability
to finance our anticipated XIAFLEX inventory and receivables
build; products in development for Peyronie's disease, Frozen
Shoulder syndrome, overactive bladder, pain, hormone replacement
and urologic disease; and all other statements containing
projections, statements of future performance or expectations,
or statements of plans or objectives for future operations
(including statements of assumption underlying or relating to
any of the foregoing). You can identify these statements by the
fact that they use words such as "believe," "appears," "may,"
"could," "will," "estimate," "continue," "anticipate," "intend,"
"should," "plan," "expect," and other words and terms of similar
meaning in connection with any discussion of projections, future
performance or expectations, plans or objectives for future
operations (including statements of assumption underlying or
relating to any of the foregoing). Actual results may differ
materially from those reflected in these forward-looking
statements due to various factors, including further evaluation
of clinical data, results of clinical trials, decisions by
regulatory authorities as to whether and when to approve drug
applications, and general financial, economic, regulatory and
political conditions affecting the biotechnology and
pharmaceutical industries and those discussed in Auxilium's
Annual Report on Form 10-K for the year ended December 31, 2008
under the heading "Risk Factors," which is on file with the
Securities and Exchange Commission (the "SEC") and may be
accessed electronically by means of the SEC's home page on the
Internet at http://www.sec.gov or by means of Auxilium's home
page on the Internet at http://www.Auxilium.com under the
heading "For Investors -- SEC Filings." There may be additional
risks that Auxilium does not presently know or that Auxilium
currently believes are immaterial which could also cause actual
results to differ from those contained in the forward-looking
statements. Given these risks and uncertainties, any or all of
these forward-looking statements may prove to be incorrect.
Therefore, you should not rely on any such factors or
forward-looking statements.
In addition, forward-looking statements provide Auxilium's
expectations, plans or forecasts of future events and views as
of the date of this release. Auxilium anticipates that
subsequent events and developments will cause Auxilium's
assessments to change. However, while Auxilium may elect to
update these forward-looking statements at some point in the
future, Auxilium specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing Auxilium's assessments as of any date subsequent to
the date of this release.
Auxilium disclaims responsibility for statements above in "About
Silicon Valley Bank," which were provided by Silicon Valley Bank
for inclusion in this release.
Contact
James E. Fickenscher
Chief Financial Officer
Auxilium Pharmaceuticals, Inc.
+1-484-321-5900
or
William Q. Sargent Jr.
Vice-President, Investor Relations and Corporate Communications
+1-484-321-5900
Source
Auxilium Pharmaceuticals, Inc.
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