-- Continues momentum executing growth capital investment strategy to commercial-stage healthcare companies --
Boulder, Colo. – November 28, 2017 – CRG, a preeminent healthcare-focused investment firm, today announced cumulative financing commitments of $881 million in 11 new commercial-stage healthcare investments over the last 12 months. In addition, the firm generated realizations from eight portfolio company liquidity events during the same 12-month period, including M&A transactions and refinancing activities, resulting in a total of more than $425 million in proceeds to CRG and its institutional partners.
“We continue to selectively deploy the capital of our latest fund in commercial-stage…Read More »
New York, September 5, 2017 --Synergy Pharmaceuticals Inc. (NASDAQ: SGYP), announced today that the Company has closed on a $300 million debt financing structured as senior secured loans from CRG LP, a healthcare focused investment firm, and its lender syndicate.
“This non-dilutive financing enhances our cash position and provides us with financial flexibility to continue to execute on the launch of TRULANCE and achieve our business objectives, which we are confident will ultimately maximize long-term shareholder value,” said Gary Gemignani, EVP and Chief Financial Officer of Synergy Pharmaceuticals Inc. “The structure of this financing provides us with access to capital…Read More »
Houston – July 31, 2017 – CRG, a premier healthcare-focused investment firm, today announced the closing of a $355 million term loan securitization on behalf of CRG Partners III, L.P. and certain of its parallel investment vehicles. The transaction was completed on July 27, 2017.
The securitization transaction – or Asset-Backed Securities financing – is the second securitization completed by CRG and represents the latest milestone in CRG’s ability to deliver pioneering growth capital financing solutions to the global healthcare market. The financing consists of $355 million of notes that were sold through a private placement offering. The financing…Read More »
-- Financing Comprised of $50 Million Credit Facility and $3 Million Equity Investment --
-- Simultaneously Retiring Existing Debt --
-- Funds Received at Close Provide Sufficient Cash Under Current Operating Plan to Extend Cash Runway to Positive Cash Flow --
Dublin, Ireland and Trevose, Pa., July 17, 2017 (GLOBE NEWSWIRE) -- Strongbridge Biopharma plc, (Nasdaq:SBBP), a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs, today announced that it has entered into a $50 million senior credit facility with CRG LP (“CRG”), a healthcare-focused investment firm, to retire its existing debt facility and provide additional capital for the Company. …Read More »
Earlens said today it closed a total of $118 million in funding, with $73 million coming from an offering of Series C preferred stock and $45 from a structured debt facility with CRG LP.
The Earlens device, which won 510(k) clearance from the FDA in October 2015, uses a laser diode attached to a behind-the-ear audio processor to transmit sound to the receiver against the patient’s eardrum, to directly contact the patient’s eardrum and use it as a speaker, the Menlo Park, Calif.-based company said.
“We are pleased to partner with CRG which has unrivaled healthcare investing expertise. This investment…Read More »
Vancouver, Canada, May 15, 2017 -- Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) ("Cardiome" or the "Company") today announced that it has amended its term loan agreement with CRG-managed funds (the "Amended Agreement") that was originally entered into on June 13, 2016. The Amended Agreement provides Cardiome with up to $50 million of available borrowing capacity.
William Hunter, M.D., President and CEO of Cardiome commented, “We are delighted to expand our agreement with CRG. We began our relationship under the premise that CRG would offer a platform to scale with Cardiome’s growing business, and we are pleased that…Read More »
Funding Supports FDA Approval Process and Global Market Access
BOSTON, May 10, 2017 /PRNewswire/ -- Intrinsic Therapeutics, Inc. a medical device company that has developed a product to improve outcomes in lumbar discectomy patients, announced today that it recently closed a $49 million round of financing. The financing included a $28 million equity round co-led by New Enterprise Associates (NEA) and Delos Capital, coupled with a $21 million debt facility with CRG. Other investors include Greenspring Associates, Quadrille Capital and a corporate strategic. The Company's Barricaid Anular Closure Device is designed to prevent repeat herniation in patients undergoing lumbar discectomy surgery to treat sciatic pain caused by a…Read More »
-- Announces Preliminary Q1 2017 New Orders and Cash Position Reiterates 2017 Financial Guidance --
CLEVELAND, OH April 13, 2017 — ViewRay, Inc. (Nasdaq: VRAY) today announced that it has reached an agreement to amend the terms of its $50.0 million Term Loan Agreement with CRG LP to expand the borrowing capacity to $65.0 million, along with other updates to the agreement.
Modifications to the CRG Term Loan Agreement include:
- Addition of a $15.0 million tranche of borrowing capacity available at ViewRay’s option through September 30, 2017.
- Availability of the existing $5.0 million tranche…
-- Upfront proceeds extend cash runway into 2nd half of 2018 --
RALEIGH, N.C., Feb. 23, 2017 -- BioDelivery Sciences International, Inc. (NASDAQ: BDSI) announced today that it has entered into a senior credit facility with affiliates of CRG LP, a healthcare-focused investment firm, to retire its existing credit facility and provide additional working capital for the company.
The new credit facility consists of $45 million to be drawn at closing and the ability to access additional funding of up to an aggregate of $30 million in two tranches for a total of $75 million based on the…
BRIDGEWATER, N.J., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (OTCQB:VLRX) today announced that it has reached agreement with both of its secured creditors (funds affiliated with CRG and WCAS Capital Partners IV, L.P., an affiliate of Welsh, Carson, Anderson and Stowe) to convert a total of $27.5 million of debt to preferred stock, subject to certain conditions.
Specifically, Valeritas and the two creditors have agreed to convert approximately one-half of the outstanding $55.0 million principal amount into shares of preferred stock at a price to be calculated as described in the executed agreement. The shares of preferred…Read More »
BRIDGEWATER, N.J., Feb. 09, 2017 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (OTCQB:VLRX) today announced that it has reached an agreement with its largest lender, Capital Royalty Group (CRG), to amend its existing $50 million senior secured term loan agreement, extending the Company’s payment obligations.
Specifically, the amendment extends the interest only-period period to May 2019 from May 2018, extends the deadline for full payment of the loan to May 2022 from May 2021, and reduces the mandated liquidity covenant to allow for a minimum cash balance of $2.0 million from a minimum cash balance of $5.0 million.
“These…Read More »
Houston, Jan. 11, 2017 – Endoceutics, Inc., a private Quebec City based biopharma company, today announced that it has entered into a long-term $85 million senior credit facility with CRG LP, a healthcare-focused investment firm. The proceeds will support the commercial launch of its FDA-approved product, Intrarosa™, and fund additional research and development in its women’s health and oncology focused pipeline.
On November 16, 2016, Intrarosa™ received FDA approval to treat women experiencing moderate to severe pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA)/Genitourinary Syndrome of Menopause (GSM) due to menopause. Intrarosa™ is the…Read More »
Retiring Former Debt Facility; Significantly Decreases Near-Term Cash Needs
Lexington, Mass., Jan. 05, 2017 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a company developing innovative diagnostic products that improve patient health and deliver a strong economic return to healthcare institutions, today announced that it has entered into a $50 million debt facility agreement with CRG LP. The new facility consists of an initial draw of $40 million and the ability to borrow an additional $10 million through and including July 27, 2018, based on certain operating milestones.
The company is using approximately $28 million of the initial term…Read More »
HOUSTON – January 4, 2017 – CRG, a global healthcare investment firm with more than $3 billion in assets under management, today announced the final closing of CRG Partners III L.P. (together with its parallel investment vehicles, “Fund III”). Fund III reached its hard cap of $1.25 billion of capital commitments from investors, exceeding its original target by 25 percent. Total investable capital for Fund III is expected to approach $2 billion, including debt financing.
“The market opportunity for healthcare private credit investing remains strong,” said Nathan Hukill, president of CRG. “Fund III provides us with additional capital to…Read More »