Bionutrics obtains $10 million loan to finance acquisition of Kirk Pharmaceuticals

New York, Nov. 7 - Bionutrics, Inc. said it obtained a $10 million interim loan to help finance its acquisition of Kirk Pharmaceuticals, LLC.

BHC Interim Funding II LP is the lender.

Proceeds from the loan will be used to fund the $9 million payable at closing of the acquisition. Bionutrics is also required to pay a further $3 million as a promissory note.

The new loan is part of Biotnutrics' efforts to obtain debt and equity financing to pay for the acquisition of Kirk and fund the development and commercialization of its drug pipeline.

Bionutrics is a Phoenix-based specialty pharmaceutical company working on oral controlled-release generic drugs and improved formulations of previously approved drugs. On July 22, it announced the acquisition of Kirk, a Florida-based pharmaceutical company manufacturing over-the-counter and prescription generic drugs.

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