ACER - Acer Therapeutics nabs $48.5M in convertible note and secured loan financing facilities

Acer Therapeutics (NASDAQ:ACER) entered into convertible note and loan financing facilities for up to $48.5M with affiliates of Marathon Asset Management and SWK. With Marathon, it has $6M secured convertible note which would have a 3-year term, bear annual interest at 6.5%; with SWK, it entered into a $6.5M secured loan agreement bearing at annual interest at the sum of 3-month LIBOR plus 11%. Proceeds from these financings would be used to advance Acer's pipeline into mid-2022; the company has planned additional investments in ACER-001 pre-commercial activities as well as activities relating to a planned ACER-801 Phase 2a proof of concept trial in postmenopausal women and a planned EDSIVO pivotal Phase 3 trial in COL3A1 positive vascular Ehlers-Danlos syndrome patients.

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Acer Therapeutics nabs $48.5M in convertible note and secured loan financing facilities