PDL BioPharma and Paradigm Spine announced that they have entered into a credit agreement under which PDL will provide Paradigm with up to $75 million of secured debt financing.
Paradigm will use the proceeds to refinance its existing credit facility and primarily expand its domestic commercial operations for its coflex Interlaminar stabilization device for patients with spinal stenosis. The device was approved by the FDA in 2012 and is sold in more than 50 countries.
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