In an after-5 p.m. announcement yesterday, BioMimetic Therapeutics sought to ensure analysts and investors that its product-development and trials will continue, despite its inability, thus far, to sell auctionable securities based on securitized student loans. BMTI said Deutsche Bank agreed to provide up to $39 million against those securities, a portfolio which BioMimetic carried at about $60MM. The company says the new loan facility, plus $20 million in milestone payments due from its pharma ally, Luitpold, should ensure the company's capacity for continued operations during the next two years. Earlier VNC coverage on BioMimetic, here. A BioMimetic spokesperson recalled yesterday during an interview with VNC that management had raised the liquidity issue during a quarterly analysts call, last summer. In a down market, the company closed down 6.6 percent, yesterday.
Showing posts with label Luitpold Pharmaceuticals. Show all posts
Showing posts with label Luitpold Pharmaceuticals. Show all posts
Tuesday, October 28, 2008
BioMimetic says liquidity crunch eased
In an after-5 p.m. announcement yesterday, BioMimetic Therapeutics sought to ensure analysts and investors that its product-development and trials will continue, despite its inability, thus far, to sell auctionable securities based on securitized student loans. BMTI said Deutsche Bank agreed to provide up to $39 million against those securities, a portfolio which BioMimetic carried at about $60MM. The company says the new loan facility, plus $20 million in milestone payments due from its pharma ally, Luitpold, should ensure the company's capacity for continued operations during the next two years. Earlier VNC coverage on BioMimetic, here. A BioMimetic spokesperson recalled yesterday during an interview with VNC that management had raised the liquidity issue during a quarterly analysts call, last summer. In a down market, the company closed down 6.6 percent, yesterday.
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