Working its way through a CRL on lead drug, Supernus taps $150M loan
15 Feb 2023
As Rockville, MA-based Supernus works its way back to the FDA’s good graces with a lead Parkinson’s drug, it is tapping into a $150 million
line of credit
.
UBS Bank USA is providing the loan, which Supernus says can be drawn at any time at a fixed interest rate.
Supernus, which markets a number of drugs treating central nervous system diseases, reported cash, cash equivalents, current and long-term marketable securities of around $523.7 million as of the end of September. During that update, execs also predicted 2022 revenue will be $650 million to $680 million.
But in October, the FDA issued a complete response letter on a top late-stage candidate, SPN-830, after raising issues with the infusion device as well as labeling, product quality and manufacturing.
At the time of the rejection, Supernus said SPN-830 “remains a key priority.”
The company, which is set to report fourth quarter and full-year results later this month, has yet to provide an update on resubmission.
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