The original deal, inked in March, called for the Bedford, Mass.-based insulin management system maker to borrow $27.5 million, with another $32.5 million available at Insulet’s discretion.
The amended deal will see Insulet repay that nut with 2,855,659 shares of stock for $9.63 per share — a 6 percent discount from its $10.28 Sept. 25 closing price.
For its part, Deerfield agreed to eliminate performance-based milestones on the remaining $32.5 million, reduce the annual interest rate to 8.5 percent from 9.75 percent and forego the remaining 1.5 million warrants that would have been issued on future draws.
Insulet said it will draw down the remaining $32.5 million immediately; the entire $60 million nut, plus interest, is still due in Sept. 2012.
Insulet posted second-quarter sales of $14.6 million during the three months ended June 30, a 97 percent increase over the $7.4 million reported for the same period last year.
Net losses for the quarter were reduced to $20.2 million, down 15.8 percent from a net loss of $24 million during the second quarter of 2008.