Anthera Refinances Existing Debt with New $20 Million Credit Facility and Secures $18.5 Million Committed Equity Financing

  Anthera Refinances Existing Debt with New $20 Million Credit Facility and
          Secures $18.5 Million Committed Equity Financing Facility

Debt Related Expense to Decrease by Over $600K per Month through 2014

PR Newswire

HAYWARD, Calif., April 5, 2013

HAYWARD, Calif., April 5, 2013 /PRNewswire/ -- Anthera Pharmaceuticals, Inc.
(Nasdaq: ANTH), a biopharmaceutical company developing drugs to treat serious
diseases associated with inflammation, today announced that it has secured a
new $20.0 million debt financing facility through a syndicate led by MidCap
Financial SBIC, LP ("MidCap Financial"). Anthera will use the loan proceeds to
refinance the remaining principal of the loan agreement entered into with
Hercules Technology Growth Capital, Inc. in 2011 and for general corporate
purposes. MidCap Financial will receive warrants to purchase an aggregate of
588,235 shares of Anthera's common stock at an exercise price of $0.68.

"The favorable terms of the new debt financing facility, coupled with our
January 2013 equity financing of approximately $43.0 million of net proceeds,
provides the liquidity we need to deliver key milestones for 2013 and 2014,"
said Chris Lowe, Anthera's Chief Business Officer and Chief Financial Officer.

Additionally, Anthera has entered into an $18.5 million common stock purchase
agreement with Lincoln Park Capital Fund, LLC ("LPC") a Chicago-based
institutional investor. Upon executing the agreement, LPC made an initial
purchase of $2,000,000 in common stock from Anthera at a purchase price of
$0.648 per share. Furthermore, for a period of two years, Anthera has the
right to sell up to an additional $16.5 million of its common stock to LPC at
prices that are generally determined by the Company. Anthera expects to use
the proceeds from this transaction for servicing long-term debt and working
capital.

Under the terms of the agreement, there are no upper limits to the price that
LPC may pay to purchase Anthera's common stock. Anthera will control the
timing of any future sales and the amount of shares to be sold. LPC has no
right to require any sales and is obligated to purchase the common stock as
directed by Anthera. Under the terms of the agreement, LPC has covenanted not
to cause or engage in any manner whatsoever, any direct or indirect short
selling or hedging of Anthera's shares of common stock. In consideration for
entering into the agreement, Anthera may issue up to 898,059 of additional
shares to LPC as a commitment fee, depending upon the actual amount drawn from
the equity line. The shares covered under the agreement are the subject of a
prospectus supplement pursuant to Anthera's effective shelf registration
statement and base prospectus contained therein.

The descriptions of the financings in this press release do not purport to be
a complete description. Additional details regarding these financings are
included in a Current Report on Form 8-K filed on April 5, 2013 by the Company
with the Securities and Exchange Commission.

About Anthera Pharmaceuticals

Anthera Pharmaceuticals is a biopharmaceutical company focused on developing
and commercializing products to treat serious diseases associated with
inflammation and autoimmune disorders.

About MidCap Financial

MidCap Financial is a commercial finance company focused on middle market
lending across the healthcare sector. MidCap specializes in $5 million to $200
million loans and since launching in 2008 has deployed over $1 billion in
capital. The company is headquartered in Bethesda, MD, with offices in Chicago
and Los Angeles. For more information, please visit www.midcapfinancial.com

About Lincoln Park Capital Fund, LLC ("LPC")

LPC is an institutional investor headquartered in Chicago, Illinois. LPC's
experienced professionals manage a portfolio of investments in public and
private entities. These investments are in a wide range of companies and
industries emphasizing life sciences, specialty financing, energy and
technology. LPC's investments range from multiyear financial commitments to
fund growth to special situation financings to long-term strategic capital
offering companies certainty, flexibility and consistency. For more
information, visit www.lpcfunds.com.

Safe Harbor Statement

Any statements contained in this press release that refer to future events or
other non-historical matters, including statements that are preceded by,
followed by, or that include such words as "estimate," "intend," "anticipate,"
"believe," "plan," "goal," "expect," "project," or similar statements, are
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on Anthera's expectations as of the date of this press
release and are subject to certain risks and uncertainties that could cause
actual results to differ materially as set forth in Anthera's public filings
with the SEC, including Anthera's Annual Report on Form 10-K for the year
ended December 31, 2012. Anthera disclaims any intent or obligation to update
any forward-looking statements, whether because of new information, future
events or otherwise, except as required by applicable law.

CONTACT: Chris Lowe of Anthera Pharmaceuticals, Inc., pr@anthera.com or
510.856.5600.

SOURCE Anthera Pharmaceuticals, Inc.

Website: http://www.anthera.com
 
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