India, April 6 -- Apnimed, Inc., a pharmaceutical company, Monday announced that it has obtained a senior secured credit facility for up to $150 million with funds managed by HealthCare Royalty Partners, a subsidy of investment firm KKR & Co. Inc.
The capital is expected to support the company's lead product candidate AD109, which is designed to improve oxygenation during sleep by directly addressing the neuromuscular root cause of upper airway collapse in people with obstructive sleep apnea.
As per the agreement terms, Apnimed will receive $50 million at closing and another $50 million tranche will become available upon FDA approval of AD109, and the company may access a third $50 million tranche upon achievement of a pre-specified sales...