Merrion Pharmaceuticals yesterday announced details of a $5 million debt financing with US group Hercules Technology Growth Capital.

The three-and-a-half year facility carries a 12.45 per cent interest charge per annum with Hercules also getting a warrant that could see it take a 1.2 per cent shareholding in the business.

The company also said it was conducting a “thorough evaluation” of its product pipeline.