Paradigm Spine said it inked a $75 million credit agreement with PDL BioPharma.
Paradigm Spine, which makes spinal implants, said it will take the 1st $50 million in at closing, with another $25 million in milestone-based payments on the table.
Paradigm Spine said it plans to use the proceeds to refinance its existing credit facility and expand its domestic commercial efforts.
“Following a year of record growth, Paradigm Spine is well positioned for its next phase of expansion. Given our coflex FDA approval, this financing assists us in accelerating Paradigm’s market penetration, especially domestically,” chairman & CEO Marc Viscogliosi said in prepared remarks.