Critical Therapeutics increases borrowing power by $500,000

By Lisa Kerner

Erie, Pa., Jan. 6 - Critical Therapeutics, Inc. can borrow up to an additional $500,000 through March 31 as the result of an additional loan modification agreement with Silicon Valley Bank.

Future advances under the loan carry interest at prime plus 200 basis points.

According to a news release, the loan will finance the purchase of general purpose computer equipment, office equipment, fixtures and furnishings, test and laboratory equipment and software licenses. The loan will also be used for the completion of leasehold improvements.

The original loan and security agreement dated June 28, 2002 was previously amended on Dec. 11, 2002, April 10, 2003 and June 30, 2004.

Based in Lexington, Mass., Critical Therapeutics is a biopharmaceutical company that develops products for respiratory, inflammatory and critical care diseases.

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