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Yorkville Advisors Completes $15 Million Equity Facility with Achillion Pharmaceuticals, Inc. - Yorkville Advisors has entered into a $15 million Standby Equity Distribution Agreement (SEDA) with NASDAQ-listed Achillion Pharmaceuticals - YorkvilleAdvisors.com
Yorkville Advisors Completes $15 Million Equity Facility with Achillion Pharmaceuticals, Inc.

 

PRZOOM - /newswire/ - London, United Kingdom, 2009/07/08 - Yorkville Advisors has entered into a $15 million Standby Equity Distribution Agreement (SEDA) with NASDAQ-listed Achillion Pharmaceuticals - YorkvilleAdvisors.com.

   
 
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Yorkville Advisors, LLC (Yorkville), the investment manager to a family of funds, is pleased to announce that it has entered into a $15 million Standby Equity Distribution Agreement (SEDA) with NASDAQ-listed Achillion Pharmaceuticals, Inc. (ACHN), a biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for infectious diseases.

Achillion entered into the SEDA as a means of providing capital, as and when required, to fund its existing and developing hepatitis C virus (HCV) programs, and in order to take advantage of potential partnering opportunities.

Pioneered 8 years ago by Yorkville, a SEDA offers companies a cost effective way to raise capital to fund their business plans, growth strategies, or other corporate uses. The terms of the SEDA enable Achillion, at its discretion, to withdraw funds of up to US $15 million in tranches in exchange for new equity. The purchase price is based on a formula tied to the market price of Achillion’s ordinary shares.

Mary Kay Fenton, Vice President and Chief Financial Officer of Achillion Pharmaceuticals noted, "We have entered a period of increased activity in our HCV programs, and the SEDA provides us with financial flexibility to explore multiple program options. We currently have sufficient cash resources for the coming year and have no immediate intention to draw on this equity facility. Yet, as we continue partnering discussions for several of our programs, we expect that access to this form of capital should strengthen our financial and negotiating position."

Dr. Michael J. Nowak, Head of the Healthcare Group and Managing Director at Yorkville, stated, "We provide innovative financing tools for publicly traded growth companies. With Achillion's pipeline of exciting HCV compounds and with the milestones those compounds may achieve over the term of this agreement, we're especially delighted to be able to work with Achillion."

About Yorkville Advisors
Yorkville Advisors, LLC (Yorkville), is the investment manager to a family of funds with approximately USD 900 million assets under management.

Founded in January 2001 by Mark Angelo, Yorkville (yorkvilleadvisors.com) specialises in providing flexible, innovative debt and equity investments and financing in publicly listed companies worldwide in a variety of sectors including energy, mining, technology media & telecommunication (TMT), healthcare and shipping. Yorkville has a broad investment mandate and the flexibility to invest across many geographies as well as sectors.

Yorkville tailors its financings according to each company’s need and offers a mix of debt structures, bridge financings, asset backed loans, equity facilities and, in some cases, equity injections.

Yorkville has offices in Jersey City, New Jersey; Jupiter, Florida; London and Hong Kong. It also has joint venture agreements in Italy and Greece.

About Achillion
Achillion is an innovative pharmaceutical company dedicated to bringing important new treatments to patients with infectious disease. Achillion's proven discovery and development teams have advanced multiple product candidates with novel mechanisms of action. Achillion is focused on solutions for the most challenging problems in infectious disease -hepatitis C, resistant bacterial infections and HIV.

 
 
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Yorkville Advisors Completes $15 Million Equity Facility with Achillion Pharmaceuticals, Inc.

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