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Corium International Inc. (transdermal delivery technologies for biologics and small-molecule drugs) raised $100mm through the private placement of seven-year 5% convertible senior notes to qualified institutional purchasers. The notes--with interest payable semi-annually in arrears--convert to common at a rate of 58.0552 shares per $1k principal amount, or $17.22 per share. (The company's stock averaged $12.86 at the time of the sale.) Corium will use $56mm of the proceeds to repay a loan to CRG. The company concurrently received FDA feedback on a pilot bioequivalence study (a streamlined version of its previous successful pilot trial) comparing Corium's once-weekly transdermal patch Corplex Donepezil to Eisai's marketed daily oral Alzheimer’s disease drug Aricept (donepezil hydrochloride). The FDA confirmed that its approval would be determined after a review of the NDA, which Corium expects to submit during Q4 2018 using the 505(b)(2) pathway.
Deal Industry
Pharmaceuticals
Pharmaceuticals
Generic Drugs
OTC, Consumer
Drug Delivery
Macromolecule
Transdermal
Biotechnology
Large Molecule
Deal Status
Final
Deal Type
Financing
Convertible Debt
Private Placement
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