OPNT - Opiant Pharmaceuticals receives $50M in convertible debt financing

Opiant Pharmaceuticals (OPNT) -1.44% AH, entered into a $50M convertible note purchase and security agreement with a syndicate of Pontifax Medison Finance, a healthcare-dedicated venture and debt fund, and Kreos Capital, Europe's leading growth debt firm.Proceeds to be used for funding the potential future commercialization of OPNT003, nasal nalmefene, an investigational treatment for opioid overdose, which the company aims to file for approval by the U.S. FDA at the end of 2021.Opiant will be able to draw up to $50M in three tranches: first tranche of $20M was funded at closing on Dec. 10, 2020; a second tranche of $10M will be available upon submission of a New Drug Application to the FDA; and a third tranche of $20M will be funded upon FDA approval of an opioid overdose product.Each tranche will mature over 5 years and have an interest-only period of 30 months at an average rate of 8.75%

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Opiant Pharmaceuticals receives $50M in convertible debt financing