Iveric Bio enters $250 million term loan debt financing facility
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Iveric Bio has entered into debt financing for up to $250 million with Hercules Capital and Silicon Valley Bank, according to a press release.
Under the terms of the debt financing facility, Iveric is borrowing $50 million in July 2022, and $150 million will be available based on the achievement of milestones related to development and regulatory events for Zimura (avacincaptad pegol), which is under investigation for the treatment of geographic atrophy. Another $50 million will be made available subject to the lenders’ approval, according to the release.
“We are grateful to secure this non-dilutive financing as it further strengthens our balance sheet and provides financial flexibility as we look to fund the potential commercial launch of Zimura in geographic atrophy in the United States, subject to regulatory approval,” David F. Carroll, chief financial officer of Iveric Bio, said in the release. “We look forward to reporting data from GATHER2, our second pivotal clinical trial in GA, in September of this year.”
According to data from the GATHER1 trial presented at the American Society of Retina Specialists annual meeting, Zimura helped reduce geographic atrophy lesion growth across all distances from the foveal center.
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