Recro Pharma Inc. of Malvern, Pa., secured a $100m credit facility from funds managed by the health care-focused investment firm Athyrium Capital Management LP, the company said on Nov. 20. The money will be used to refinance the company's outstanding debt, pay a $45m milestone fee to Alkermes PLC upon FDA approval of intravenous meloxicam, and for working capital. The loan bears an interest rate of LIBOR plus 9.75% and the funds will be delivered to Recro in three tranches – $60m at close, $20m when I.V. meloxicam is approved (potentially in May 2018) and $20m upon proof of commercial sales gains. The company also issued Athyrium warrants to purchase 348,664 shares of its stock at $8.60 per share. Recro reported updated Phase III results for IV meloxicam in the treatment of post-surgical pain in October. (Also see "Pipeline Watch: Topline Phase III Results For Tenapanor, Abemaciclib" - Scrip, 13 October, 2017.)

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