Phathom Pharmaceuticals Announces Expansion of Existing Loan and Security Agreement with Hercules Capital
14 Dezembro 2023 - 10:00AM
Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical
company focused on developing and commercializing novel treatments
for gastrointestinal diseases, today announced an amendment to its
term loan facility from Hercules Capital, Inc. (NYSE: HTGC), a
leader in customized debt financing for companies in life sciences
and technology-related markets. Sagard Healthcare is also
participating in the term loan facility.
The amendment increases the total term loan facility up to $300
million with more favorable terms, including the extension of the
interest-only period and maturity date from October 1, 2026, to
December 1, 2027. Phathom has drawn $40 million upon the closing of
the amendment, aggregating to $140 million currently outstanding
under the expanded loan facility. Phathom has estimated the amended
terms result in cash savings of approximately $20 million based
upon the original maturity date of the loan and $200 million in
advances.
“We appreciate our partnership with Hercules Capital and Sagard
Healthcare and believe the economics under this loan agreement,
including the potential to receive up to an additional $100 million
in non-dilutive financing, provides Phathom the financial
flexibility necessary to execute the ongoing launch of VOQUEZNA®
and help fund future clinical development programs,” said Molly
Henderson, Chief Financial and Business Officer at Phathom. “These
potential additional debt proceeds, when added to our current
financial resources and projected product revenues, we believe will
be sufficient to fund our projected level of operations through
2026.”
“Hercules is excited to expand and extend our financing
partnership with Phathom at this important stage as they advance
the commercial launch of VOQUEZNA in the U.S. The new increased
commitment from Hercules reflects our dedication to Phathom and is
intended to support their efforts to make their novel treatments
available to patients,” said Michael Dutra, Managing Director at
Hercules Capital. “Today’s announcement exemplifies our ability to
be long-term capital partners and reflects our commitment to
financing promising life science companies through development and
into commercialization,” added Lake McGuire, Managing Director at
Hercules Capital.
Under the terms of the amendment, the remaining $160 million of
the aggregate $300 million loan facility is potentially available
in five tranches. A tranche of $10 million is available through
March 15, 2024, and the following two tranches of $25 million each
are available to be drawn through June 15, 2024, and December 15,
2024, respectively. The final two tranches of $50 million each will
be available, subject to the achievement of certain revenue
milestones through June 30, 2025, and December 31, 2025,
respectively.
Additional details of the loan agreement will be filed with the
Securities and Exchange Commission on a Current Report on Form
8-K.
About VOQUEZNA®VOQUEZNA® (vonoprazan) tablets
contain vonoprazan, an oral small
molecule potassium-competitive acid blocker (PCAB), approved
in the U.S. for the treatment of adults with Erosive Esophagitis,
also known as Erosive GERD, and the relief of heartburn associated
with Erosive GERD. PCABs are a novel class of medicines that block
acid secretion in the stomach. Phathom in-licensed the U.S.,
European, and Canadian rights to vonoprazan from Takeda, which
markets the product in Japan and numerous other countries in Asia
and Latin America. About Phathom Pharmaceuticals,
Inc. Phathom Pharmaceuticals is a biopharmaceutical
company focused on the development and commercialization of novel
treatments for gastrointestinal diseases. Phathom has in-licensed
the exclusive rights in the U.S., Europe, and Canada to vonoprazan,
a first-in-class potassium-competitive acid blocker (PCAB). For
more information about Phathom, visit the Company’s website at
www.phathompharma.com and follow the Company on LinkedIn and X
(formerly Twitter).
Forward-Looking StatementPhathom cautions you
that statements contained in this press release regarding matters
that are not historical facts are forward-looking statements. These
statements are based on the Company’s current beliefs and
expectations. Such forward-looking statements include, but are not
limited to, statements regarding the Company’s ability to finance
the ongoing product launches and future clinical development and
the Company’s anticipated cash runway. The inclusion of
forward-looking statements should not be regarded as a
representation by Phathom that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties inherent in Phathom’s
business, including, without limitation: we may not be able to
successfully commercialize VOQUEZNA which will depend on a number
of factors including coverage and reimbursement levels from
governmental authorities and health insurers as well as market
acceptance by healthcare providers; future data generated from our
stability program may be different from the data submitted to the
FDA to date and may not demonstrate that our mitigation efforts
will continue to maintain the level of the nitrosamine impurity
below the acceptable intake (AI) level throughout the shelf life of
products containing vonoprazan, which could result in market action
or shelf life reduction; risks associated with product
manufacturing or formulation changes required to be made in
connection with achieving the AI; the inherent risks of clinical
development of vonoprazan; Phathom’s dependence on third parties in
connection with product manufacturing, research and preclinical and
clinical testing; regulatory developments in the United States and
foreign countries; unexpected adverse side effects or inadequate
efficacy of vonoprazan that may limit its development, regulatory
approval and/or commercialization, or may result in recalls or
product liability claims; Phathom’s ability to access additional
capital under its term loan facility and royalty interest finance
agreements is subject to certain conditions; Phathom’s ability to
obtain and maintain intellectual property protection for
vonoprazan; Phathom’s ability to comply with its license agreement
with Takeda; and other risks described in the Company’s prior press
releases and the Company’s filings with the Securities and Exchange
Commission (SEC), including under the heading “Risk Factors” in the
Company’s Annual Report on Form 10-K and any subsequent filings
with the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and Phathom undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date hereof. All forward-looking statements are qualified
in their entirety by this cautionary statement, which is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
MEDIA CONTACTNick
Benedetto1-877-742-8466media@phathompharma.com
INVESTOR CONTACTEric
Sciorilli1-877-742-8466ir@phathompharma.com
© 2023 Phathom Pharmaceuticals. All rights reserved.
VOQUEZNA, Phathom Pharmaceuticals, and their respective logos
are registered trademarks or trademarks of Phathom Pharmaceuticals,
Inc.
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