Santarus extends line of credit agreement maturation date to July 2013

Santarus, Inc. (NASDAQ: SNTS), a specialty biopharmaceutical company, today announced that it has extended the maturity date of its $25 million revolving line of credit with Comerica Bank from July 11, 2011 to July 11, 2013. Santarus makes interest-only payments on any draws from the line of credit, and all principal drawn during the term of the loan facility is due and payable at the maturity date. Santarus has the option of paying interest on outstanding indebtedness under the credit facility at Comerica's prime rate plus one-half percent (0.5%) or the LIBOR rate plus three percent (3.0%).

“Comerica Bank has proven an excellent business partner and we are pleased to extend this relationship as we further our business objectives.”

Santarus entered into the line of credit agreement with Comerica in July 2006 and amended and restated the agreement in July 2008. The line of credit, which is used for working capital needs and other corporate purposes, is secured by Santarus' assets, excluding intellectual property, and contains affirmative and negative covenants, including financial covenants requiring Santarus to maintain certain levels of cash and investments and liquidity. Santarus has drawn $10 million on the line of credit to date.

"The Comerica line of credit supports our corporate objectives by providing a source of non-dilutive capital," said Debra P. Crawford, senior vice president and chief financial officer of Santarus. "Comerica Bank has proven an excellent business partner and we are pleased to extend this relationship as we further our business objectives."

Source : Santarus