Auris Medical Announces Full Repayment of Hercules Loan Facility
Auris Medical Holding AG (EARS)
Last auris medical holding ag earnings: 8/10 06:31 am
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US:NASDAQ Investor Relations:
ir.aurismedical.com
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Source: GlobeNewswire
Zug, Switzerland, February 1, 2019 - Auris Medical Holding AG (NASDAQ: EARS), a clinical-stage company dedicated to developing therapeutics that address important unmet medical needs in neurotology and central nervous system disorders, today announced the complete repayment of its loan facility with Hercules Capital, Inc. The repayment will result in a significant reduction of the Company's interest expense, improve its balance sheet and enhance its financial flexibility. On July 19, 2016, the Company had entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. ("Hercules") and drawn $12.5 million under the facility. Amortization started on July 1, 2017; on April 5, 2018, the Company made an extraordinary repayment of $5 million in principal in exchange for the elimination of a liquidity covenant of the same amount. On January 31, 2019, the Company made the final payment to Hercules under the facility, comprising the last amortization rate as well
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