MALVERN, PA -- (Marketwire) -- 08/05/09 -- Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL),
a specialty biopharmaceutical company, today announced it has obtained a
two-year revolving line of credit for working capital needs from Silicon
Valley Bank (SVB) with $30 million committed at closing and an "accordion
feature" that provides for an additional $10 million upon mutual agreement
by the parties. The revolving line of credit may at times be subject to a
borrowing base of trade accounts receivable and is secured by substantially
all of the Company's assets, including intellectual property.
"This new credit facility provides additional financial flexibility at very
attractive interest rates," said James E. Fickenscher, Chief Financial
Officer of Auxilium Pharmaceuticals. "We believe this new partnership with
Silicon Valley Bank should assist us in financing an anticipated inventory
and receivables build as we prepare for and launch XIAFLEX in Dupuytren's
contracture."
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital/private equity and premium wine
industries. SVB provides a comprehensive suite of financing solutions,
treasury management, corporate investment and international banking
services to its clients worldwide. Through its focus on specialized markets
and extensive knowledge of the people and business issues driving them,
Silicon Valley Bank provides a level of service and partnership that
measurably impacts its clients' success. Founded in 1983 and headquartered
in Santa Clara, Calif., the company serves clients around the world through
27 U.S. offices and international operations in China, India, Israel and
the United Kingdom. Silicon Valley Bank is a member of global financial
services firm SVB Financial Group (NASDAQ: SIVB), with SVB Analytics, SVB
Capital, SVB Global and SVB Private Client Services. More information on
the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are provided by
Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB
Financial Group is also a member of the Federal Reserve.
About Auxilium
Auxilium Pharmaceuticals, Inc. is a specialty biopharmaceutical company
with a focus on developing and marketing to urologists, endocrinologists,
orthopedists and select primary care physicians. Auxilium markets
Testim® 1%, a topical testosterone gel, for the treatment of hypogonadism
through its approximately 190-person sales and marketing team. Auxilium
has five projects in clinical development.
