CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun. 29, 2015--
Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a developer of innovative
RNA-targeted therapeutics, today announced that it entered into a credit
and security agreement with Midcap Financial, a middle market-focused,
specialty finance firm, that establishes a senior secured term loan
facility that allows Sarepta to borrow up to $40,000,000 at an annual
rate of 7.75%, with a maturity of June 2018, subject to certain
conditions and other applicable fees. Sarepta has drawn down $20,000,000
under the facility and has the right to repay all borrowed funds and
terminate the facility at any time.
About Sarepta Therapeutics
Sarepta Therapeutics is a biopharmaceutical company focused on the
discovery and development of unique RNA-targeted therapeutics for the
treatment of rare, infectious and other life threatening diseases. The
Company is primarily focused on rapidly advancing the development of its
potentially disease-modifying Duchenne muscular dystrophy (DMD) drug
candidates, including its lead DMD product candidate, eteplirsen,
designed to skip exon 51. Sarepta is also developing therapeutics for
the treatment of drug-resistant bacteria and infectious, rare and other
human diseases. For more information, please visit us at www.sarepta.com.
Forward-Looking Statements
This press release contains statements that are forward-looking,
including the statements about the amounts Sarepta may borrow and its
rights to repay and terminate the senior secured term loan it has
established with Midcap. These forward-looking statements involve risks
and uncertainties many of which are beyond Sarepta’s control including
risk and uncertainties related to market conditions, Sarepta’s ability
to satisfy its obligations under the terms of the credit and security
agreement, whether the Food and Drug Administration accepts and files
Sarepta’s New Drug Application and whether Sarepta receives marketing
approval for and is able to successfully commercialize Eteplirsen. There
can be no assurance that Sarepta will be able to comply with the terms
of the credit and security agreement with MidCap which may result in an
event of default under the credit and security agreement that could give
MidCap the right to require immediate payment of any amounts borrowed
under the credit and security agreement or to exercise its rights with
respect to the assets of Sarepta that are collateral or have been
pledged by Sarepta as security for the term loan. Applicable risks also
include those that are included in the “Risk Factors” section of
Sarepta’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2015 and any subsequent SEC filings made by Sarepta. Any forward-looking
statements in this press release represent Sarepta’s views only as of
the date of this press release and should not be relied upon as
representing its views as of any subsequent date. Sarepta does not
undertake any obligation to publicly update its forward-looking
statements based on events or circumstances after the date hereof except
as required by applicable law.
Internet Posting of Information
We routinely post information that may be important to investors in
the 'For Investors' section of our website at www.sarepta.com.
We encourage investors and potential investors to consult our website
regularly for important information about us.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150629005373/en/
Source: Sarepta Therapeutics, Inc.
Media and Investors:
Sarepta Therapeutics, Inc.
Ian Estepan,
617-274-4052
iestepan@sarepta.com
or
W2O
Group
Ryan Flinn, 415-946-1059
Mobile: 510-207-7616
rflinn@w2ogroup.com
