Anika Therapeutics Inc., of Bedford, Mass., said it is drawing down $50 million on its existing credit facility to strengthen its financial position in light of the COVID-19 pandemic. Following the drawdown, the company, which is developing joint preservation and regenerative therapies using its hyaluronic acid platform, will have total liquidity of about $140 million, comprising cash and investments on hand. Anika said it is also exploring other sources of funding aimed at further supporting its liquidity profile, as well as maintaining business and organizational continuity through the pandemic. In parallel, it has implemented a number of internal short-term expense controls and is prioritizing business initiatives to conserve cash flow.
Scynexis Inc., of Jersey City, N.J., said it sold, in a private offering to Puissance Capital Management, its 6% senior convertible notes due 2026 for an aggregate principal amount of $10 million.