Pacira Pharmaceuticals receives $11.25M credit facility from GE Capital, Healthcare Financial Services

May 12 2010

GE Capital, Healthcare Financial Services today announced it has provided an $11.25 million credit facility to Pacira Pharmaceuticals, Inc. The financing provides working capital, and facilitates advances toward regulatory approval and preparation for commercialization of Pacira's EXPAREL™ program.

“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.”

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."