Business Editors/Health/Medical Writers
MINNEAPOLIS--(BUSINESS WIRE)--March 31, 2003
Orphan Medical, Inc. (Nasdaq:ORPH), announced today that it has obtained a revolving line of credit with Silicon Valley Bank. The line can be used at the discretion of the Company to obtain working capital in support of increasing revenues generated primarily by Xyrem(R) (sodium oxybate) oral solution, a medication that treats cataplexy associated with narcolepsy.
The line provides the Company with the lesser of $3.5 million or 75 percent of qualifying assets including accounts receivable and carries an interest rate on borrowings at the prime rate plus two percent. The agreement also contains provisions that are standard in working capital lines of credit. A five-year warrant to purchase 15,000 shares of Orphan Medical common stock at the market price was also included.
"Revenues to date are in line with our 2003 revenue guidance of $25 to $27 million, and our working capital needs are accordingly increasing as forecasted," said Timothy McGrath, Orphan Medical Chief Financial Officer. "This additional line of credit allows us to be flexible in our operations and better prepared should opportunities arise that require us to move quickly."
Orphan Medical acquires, develops, and markets pharmaceuticals of high medical value for inadequately treated and uncommon diseases treated by specialist physicians. Orphan Medical's Internet Web site address is http://www.orphan.com
The information in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the Company's assumptions and expectations. These are set forth in the cautionary statements included in Orphan Medical's most recent Form 10-Q or Form 10-K filed with the Securities and Exchange Commission. (These documents can be accessed through the Orphan Medical Web site at http://www.orphan.com). All forward-looking statements are qualified by, and should be considered in conjunction with, such cautionary statements.
Provided by 7DAYS.ae
Pecha Kucha, the up and coming movement dedicated to creative and experimental art, fashion, architecture and everything else in between, is back in Dubai for round two. Tonight at the Third Line Gallery, following the success of the first instalment in December, a new crop of presenters will put forth their artistic creations for all to see with the addition of live dance and music performances this time around.
The ten presenters will follow a 20x20 format where 20 images are shown for exactly 20 minutes each, giving them a total of six minutes and 40 seconds of unfettered fame before switching to the next contributor.
Originating in Japan, Pecha Kucha (pronounced peh-chak-cha) Japanese for "chatter", has made its mark on the art scene for generating local talent and is becoming a milestone event for anyone looking to tap into the creative scene of a city.
The dance performance segment of this edition will bring together 14 talents from various artistic backgrounds under the direction of Nadine Thouin, an internationally acclaimed multidisciplinary artist and choreographer in an especially visualised performance for the night. Pecha Kucha Dubai will be held at The Third Line tonight at 8.20pm. Entrance is free and open to the public.
For more information visit www.pecha-kucha.org/ cities/dubai or call 04 341 1367
Susan Hefuna's exhibition 'Patience is Beautiful' has been moved to April 25 through May 15 at The Third Line Gallery.
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