Depomed makes deal to borrow $15 million for hot flash medication

MENLO PARK, Calif. Depomed has a deal in place with Oxford Finance and GE Healthcare Financial Services, that will allow the company to borrow up to $15 million to help pay for a hot flash drug program, according to published reports.

The company is developing a drug, Gabapentin GR that will be used to treat both neuropathic pain and menopausal hot flashes.

The company has borrowed $3.8 million already under the deal, and may borrow up to $11.2 million more by Sept. 30 in two transactions that are tied to clinical development and financial milestones.