New Haven drug developer Achillion Pharmaceuticals Inc. has received a $2 million credit line from Waterbury lender Webster Bank to buy new laboratory equipment, according to a regulatory filing.
Achillion and Webster signed their master security agreement covering cash advances the bioscience outfit can draw between now and March 12, 2012 to buy the equipment, the 8-K filing with the Securities and Exchange Commission states.
Each advance carries a three-year term and an interest rate equal to the Federal Home Loan Bank of Boston Classic Advance rate, plus 5.5 percent, the filing states. The purchased lab equipment will be collateral for the debt.
For its services, Webster also collects a $10,000 origination fee, the filing said.
Achillion is in clinical trials of treatments for hepatitis C and other blood-borne pathogens, including the virus that causes AIDS.
