Malvern-based Baudax Bio has signed a loan deal with Marathon Asset Management worth $50 million to support the launch of its intravenous and non-opioid pain medication, writes John George for the Philadelphia Business Journal.

In February, the biopharmaceutical company received FDA approval for Anjeso as a treatment for the management of moderate to severe pain for patients in hospitals or other acute-care settings.

The funds will primarily be used to finance the launch of the treatment, which is Baudax’s first FDA-approved project. However, some will also be used for working capital, including potential acquisitions.

“This strategic non-dilutive financing represents our strong belief in the future commercial prospects for Anjeso,” said Gerri Henwood, CEO of Baudax Bio.

The launch of Anjeso was delayed due to the coronavirus pandemic, so the company took an indirect route in promoting its medicine and held a nontraditional virtual launch for it in April.

The company’s latest financing has been structured as a five-year loan with a fixed interest rate of 13.5 percent. The company will only pay interest for the first 24 months of the loan.

Read more about Baudax Bio in the Philadelphia Business Journal here.

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