Strongbridge Biopharma PLC completed its private placement of ordinary shares and warrants to raise $35 million in gross proceeds.

The company also entered into a senior credit facility with Oxford Finance LLC and Horizon Technology Finance. The facility consists of $20 million borrowed initially with access to two additional tranches of $10 million, which would become available subject to the achievement of certain specified milestones.

The credit facility matures after 48 months, provides for interest-only payments for the first 18 months followed by an amortization period of 30 months, provides for a final payment fee equal to 8% of the amount borrowed and bears interest at a rate equal to the sum of 8.22% plus the greater of 0.53% or the 30-day U.S. LIBOR rate.

In case Strongbridge reaches its milestones and borrows the final $10 million tranche, the interest-only period would be extended by an additional six months and the amortization period would be 24 months.

Strongbridge has granted a security interest in substantially all of its existing and after-acquired assets, including intellectual property. It also issued 10-year warrants to the lenders to purchase an aggregate of 428,571 ordinary shares priced at $2.45 per share.