NewswireToday - /newswire/ -
Bethesda, MD, United States, 2010/05/11 - GE Capital, Healthcare Financial Services today announced it has provided an $11.25 million credit facility to Pacira Pharmaceuticals, Inc. (NYSE: GE). NYSE: GE
The financing provides working capital, and facilitates advances toward regulatory approval and preparation for commercialization of Pacira’s EXPAREL™ program.
Based in San Diego, CA, Pacira is an acute care specialty pharmaceutical company with a primary focus on formulating, developing and manufacturing sustained-release, injectable products. EXPAREL™ is the company’s bupivacaine-based product administrated by wound infiltration that is designed to deliver extended relief of postoperative pain. Pacira announced positive results for two separate Phase III placebo controlled EXPAREL™ studies in Q4 2009.
"GE’s industry knowledge and financing experience were instrumental in structuring this transaction," said James S. Scibetta, chief financial officer of Pacira Pharmaceuticals, Inc. “This new facility will help us invest in our existing businesses and support further advancement of what we believe will be an important postoperative pain product.”
“We are pleased to provide capital to Pacira as they work to advance toward regulatory approval and commercialization of the EXPAREL™ product,” said Anthony Storino, senior managing director for GE Capital, Healthcare Financial Services’ life science finance group. “GE’s healthcare expertise and financing experience provide our customers the resources they need to support critical business objectives, including advancements in vital healthcare products.”
About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit gecapital.com/healthcare/.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges.
Pacira Pharmaceuticals, Inc. (pacira.com) is an acute care specialty pharmaceutical company founded in March, 2007 through the acquisition of the former SkyePharma PLC injectable business, for which an experienced management team was assembled to address the needs of the acute care market. The company's most advanced product is EXPAREL™ (DepoBupivacaine), a bupivacaine-based product intended to deliver postoperative pain relief by infiltration. In Q4 2009, Pacira announced positive results for two separate Phase III placebo controlled EXPAREL™ studies. EXPAREL™ benefits from the proprietary DepoFoam® Technology owned by Pacira. Two other DepoFoam®-based products -- DepoDur® and DepoCyt/DepoCyte® are marketed by partners in several global territories. The DepoFoam® technology also forms the basis of multiple development projects providing Pacira an opportunity to expand its pipeline. Pacira owns two cGMP production facilities which produce the two approved products, EXPAREL™ clinical development and all pipeline materials.