08:21 AM EDT, 08/08/2025 (MT Newswires) -- Heron Therapeutics ( HRTX ) said Friday it has completed its capital restructuring to boost financial flexibility, cut debt and support long-term growth.

The refinancing transaction includes a new $110 million senior credit facility with Hercules Capital ( HTGC ) due 2030, with an additional $40 million available in two tranches, the company said.

Another part of the transaction is an exchange agreement with existing holders of Heron's 1.5% senior convertible notes due 2026, including repayment of about $125.0 million in cash and $25.0 million in stock conversion, according to the company.

The company said it will issue $35 million of new 5% senior convertible notes due 2031.

Heron Therapeutics ( HRTX ) also said it raised $27.7 million through a private placement of common and preferred stock.

The transactions are expected to close on Aug. 12 and proceeds would be used to retire existing convertible notes and a working capital facility, the company said.

Shares of Heron Therapeutics ( HRTX ) were down 6.5% in recent Friday premarket activity.