MiddleBrook Secures $10 Million Revolving Line of Credit

WESTLAKE, TEXAS - MiddleBrook Pharmaceuticals Inc., a specialty pharmaceutical company focused on developing and commercializing novel anti-infective products, announced in a Wednesday press release that it has obtained a two-year $10 million revolving line of credit for working capital needs from Silicon Valley Bank.

The revolving line of credit is subject to a borrowing base of trade accounts receivable and inventories and is secured by the company's assets, excluding Intellectual Property (IP).

The credit facility contains customary covenants, including financial covenants requiring MiddleBrook to maintain a minimum tangible net worth.

“This commercial line of credit will provide us with greater financial flexibility in managing our cash balances to support our business objectives and commercialize MOXATAG,” MiddleBrook Executive Vice President and Chief Financial Officer Dave Becker said.

“As a management team, we have a long history of working with Silicon Valley Bank, and we are pleased to be doing business with them again,” he added.