Australian digital inhaler technology company Adherium (ASX:ADR) has entered into a $674,000 R&D loan facility with Endpoints Capital.
The loan facility has been established against the company’s anticipated R&D tax rebate for the current financial year and is subject to a pro-rata annual interest rate of 16 per cent.
Adherium said funds from the loan facility have been received.
Under the loan facility, Adherium can access up to 80 per cent of its accrued R&D tax rebate. Eligible R&D expenditures must be verified by an accounting firm approved by Endpoints Capital.
Adherium said early access to the funds provides additional working capital as it scales its patient onboarding and aims to ramp up sales and delivery across a range of customers in the key US remote patient monitoring market.
Adherium chief financial officer Daniel Kaplon said, “A specialist loan facility of this nature, secured against the R&D rebate is an attractive form of non-dilutive funding for Adherium. We are pleased to have worked with Endpoints Capital on this straightforward and effective debt facility.”
