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PDL BioPharma, Paradigm Spine complete funding agreement

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PDL BioPharma Inc. and Paradigm Spine LLC have entered into a financial agreement that will provide Paradigm Spine with up to $75 million in secured debt financing.
According to a PDL BioPharma company press release, $50 million was allocated to Paradigm Spine at the close of the transaction. Two additional payments making up the additional $25 million will be dispersed upon Paradigm Spine reaching specified milestones.
Paradigm, who developed an interlaminar stabilizing device for patients with spinal stenosis, states it will use the funds to refinance its existing credit facility and expand its domestic commercial operations.

“This financing is our first transaction this year, after a successful 2013 during which we brought in a number of high-quality, income generating assets like Paradigm Spine,” John P. McLaughlin, president and chief executive officer of PDL BioPharma, stated in the release. “We continue to find investment opportunities and expect to announce additional deals in the coming months.”