Acorda Therapeutics, Inc. (NASDAQ: ACOR) saw its shares make small gains Monday, on word today that it made a cash interest payment of approximately $6.2 million due on December 1, 2022 under its Convertible Senior Secured Notes Indenture.
According to Monday morning’s news release, Acorda may elect to make interest payments under the Indenture in cash or shares of the Company’s common stock. The Company made the interest payment using cash that was placed in escrow when the Notes were issued, which is reported on the Company’s balance sheet as restricted cash. By making this interest payment in cash, the Company has ensured that there was no dilution to shareholders.
The company was in the news in November on approving a stock split.
Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® is approved for intermittent treatment of OFF episodes in adults with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks.
INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
ACOR shares grabbed a penny, or 1.6%, to 62 cents.
