MiddleBrook Pharmaceuticals Secures $10 Million Revolving Line of Credit
01 Julho 2009 - 8:37AM
Business Wire
MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK), a specialty
pharmaceutical company focused on developing and commercializing
novel anti-infective products, announced today that it has obtained
a two-year $10 million revolving line of credit for working capital
needs from Silicon Valley Bank. The revolving line of credit is
subject to a borrowing base of trade accounts receivable and
inventories and is secured by the Company's assets, excluding
intellectual property. The credit facility contains customary
covenants, including financial covenants requiring MiddleBrook to
maintain a minimum tangible net worth.
�This commercial line of credit will provide us with greater
financial flexibility in managing our cash balances to support our
business objectives and commercialize MOXATAG�,� said Dave Becker,
executive vice president and chief financial officer of
MiddleBrook. �As a management team, we have a long history of
working with Silicon Valley Bank, and we are pleased to be doing
business with them again.�
MiddleBrook Pharmaceuticals Reports Inducement
Grants Under NASDAQ Marketplace Rule 4350
MiddleBrook Pharmaceuticals also announced today that on June
30, 2009, it granted options to purchase a total of 3,500 shares of
MiddleBrook's common stock to two (2) new employees as a material
inducement for them to join MiddleBrook. The options were granted
pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) and under
MiddleBrook's New Hire Stock Incentive Plan, which was approved by
MiddleBrook's Board of Directors on Sept. 26, 2008. The options
have a per share exercise price equal to the closing price of
MiddleBrook's common stock on the NASDAQ Global Market on the
business day immediately preceding the grant date, a ten-year term
and vesting over four years, with 25 percent of the options vesting
one year from the grant date and 1/48th of the options vesting
monthly thereafter. The options have a grant date of June 30,
2009.
About MiddleBrook
Pharmaceuticals:
MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK) is a
pharmaceutical company focused on developing and commercializing
anti-infective products that fulfill unmet medical needs.
MiddleBrook has developed a proprietary delivery technology called
PULSYS�, which enables the pulsatile delivery, or delivery in rapid
bursts, of certain drugs. The Company is currently developing a
portfolio of anti-infective PULSYS products. MiddleBrook's
near-term corporate strategy is to improve dosing regimens and/or
reduce frequency of dosing which we believe will result in improved
patient dosing convenience and compliance for antibiotics that have
been used and trusted by physicians and patients for decades.
MiddleBrook currently markets KEFLEX�, the immediate-release brand
of cephalexin, and MOXATAG � the first and only FDA-approved
once-daily amoxicillin. For more information about MiddleBrook,
please visit www.middlebrookpharma.com.
About Silicon Valley
Bank:
Silicon Valley Bank is the premier commercial bank for companies
in the technology, life science, venture capital 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.
FORWARD-LOOKING STATEMENTS:
Some of the statements contained in this press release contain
forward-looking statements, within the meaning of the Securities
Exchange Act of 1934 and the Securities Act of 1933, that reflect
our current plans, beliefs, estimates and views with respect to,
among other things, future events and financial performance. In
some cases, forward-looking statements are identified by words such
as �believe,� �anticipate,� �expect,� �intend,� �plan,�
�potential,� �estimate,� �will,� �may,� �predict,� �should,�
�could,� �would� and similar expressions. You should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. You should not regard
the inclusion of this forward-looking information as a
representation by us or any other person that we will achieve the
future plans, estimates or expectations contained in this press
release. You should specifically consider the factors identified in
this press release that could cause actual results to differ. In
addition, there are or will be important factors that could cause
our actual results to differ materially from those in the
forward-looking statements. We believe these factors include, but
are not limited to, those identified in the sections titled
�Management�s Discussion and Analysis of Financial Condition and
Results of Operations� and �Risk Factors� in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission (the
�SEC�) and in similar disclosures made by us from time to time in
our other filings with the SEC. We operate in a continually
changing business environment, and new risks and uncertainties
emerge from time to time. Management cannot predict these new risks
or uncertainties, nor can it assess the impact, if any, that any
such risks or uncertainties may have on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ from those projected in any forward-looking
statement. Accordingly, the risks and uncertainties to which we are
subject can be expected to change over time, and we undertake no
obligation to update publicly or review the risks or uncertainties
described in this press release. We also undertake no obligation to
update publicly or review any of the forward-looking statements
made in this press release, whether as a result of new information,
future developments or otherwise. If one or more of the risks or
uncertainties referred to in this press release materialize, or if
our underlying assumptions prove to be incorrect, actual results
may vary materially from what we have projected. We qualify all of
our forward-looking statements by these cautionary statements.
KEFLEX, KEFLEX 250 MG, KEFLEX 500MG, KEFLEX 750 MG, MiddleBrook,
MiddleBrook Pharmaceuticals (stylized), MiddleBrook
Pharmaceuticals, Inc., M1 (stylized), MOX-10, MOXAKIT, MOXATAG1
(stylized), MOXATAG, MOXATEN, MOXPAK, MOX-PAK and PULSYS are our
trademarks and have been registered in the U.S. Patent and
Trademark Office or are the subject of pending U.S. trademarks
applications. Each of the other trademarks, tradenames, or service
marks appearing in this document belongs to the respective holder,
as used herein, except as otherwise indicated by the context.
References to �we,� �us,� �our,� �MiddleBrook,� or the �Company,�
refer to MiddleBrook Pharmaceuticals, Inc., and its
subsidiaries.
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