Tricida Announces $125 Million Debt Facility with Hercules Capital
19 Outubro 2022 - 5:05PM
Business Wire
Tricida, Inc. (Nasdaq: TCDA) announced today that it has entered
into a debt facility with Hercules Capital, Inc. (NYSE: HTGC), a
leader in customizing debt financing for companies in the life
sciences and technology-related markets. The total amount of the
debt facility is $125 million of which $100 million will be
available for drawdown at Tricida’s option subject to the
achievement of certain milestones.
“As we prepare to report the topline results from the VALOR-CKD
renal outcomes trial this month, we want to ensure we are
positioned both financially and strategically to move toward a
potential NDA resubmission, potential FDA approval and subsequent
commercialization of veverimer,” said Geoff Parker, Chief Operating
Officer and Chief Financial Officer of Tricida. “This debt facility
provides us with additional flexibility in our future financing
plans.”
Under the terms of the debt facility, $25 million will be
available for drawdown until December 31, 2022, subject to the
announcement of positive data from the VALOR-CKD trial. An
additional $25 million will be available for drawdown until the
earlier of ten business days following the filing of the NDA for
veverimer and September 15, 2023. An additional $50 million will be
available for drawdown until the earlier of ten business days
following the FDA approval of veverimer and February 15, 2024. An
additional $25 million may be available for drawdown through
December 15, 2024, subject to the approval of the Hercules
investment committee.
Under the Loan Agreement, the loans bear interest at a floating
per annum interest rate equal to the greater of either 8.75% or the
lesser of 8.75% plus the prime rate as reported in The Wall Street
Journal minus 6.25% and 10.25%.
The loan repayment schedule provides for interest only payments
until August 1, 2024. The interest only period date may be deferred
to November 1, 2026, following the FDA approval of veverimer. The
final maturity date for the Loan Agreement is November 1, 2025.
Subject to meeting certain conditions the final maturity date may
be extended up to an additional two years.
“Hercules is pleased to enter into this financing partnership
with Tricida at this important stage as it continues to advance
veverimer to address a significant unmet medical need,” said Scott
Bluestein, Chief Executive Officer and Chief Investment Officer of
Hercules. “This structured investment in Tricida provides the
Company with additional non-dilutive capital as it continues to
develop veverimer, which has the potential to address a significant
unmet medical need in the treatment of patients with metabolic
acidosis and CKD. We are excited to once again be partnering with
the Tricida management team.”
About Tricida
Tricida, Inc. is a pharmaceutical company focused on the
development and commercialization of its investigational drug
candidate, veverimer, a non-absorbed, orally-administered polymer
designed to slow CKD progression in patients with metabolic
acidosis and CKD. Tricida has recently completed a renal outcomes
clinical trial, VALOR-CKD, to determine if veverimer slows CKD
progression in patients with metabolic acidosis associated with
CKD. Metabolic acidosis is a condition commonly caused by CKD that
is believed to accelerate the progression of kidney deterioration.
It is estimated to pose a health risk to approximately 4.3 million
patients with CKD in the United States. There are currently no
therapies approved by the FDA to slow progression of kidney disease
by correcting chronic metabolic acidosis in patients with CKD.
For more information about Tricida, please visit
Tricida.com.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements,
including for example, statements concerning the Company’s plans
and expectations for the estimated timing for receipt of top-line
data from the VALOR-CKD trial and the potential for resubmission of
an NDA for veverimer, the potential FDA approval of veverimer, if
at all, the potential commercialization of veverimer, and as well
as its expectations regarding future financial needs.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
discussed in such forward-looking statements. Such risks and
uncertainties include, without limitation, risks related to the
ability of the VALOR-CKD trial to achieve its primary endpoint and
for data from that trial to be sufficient to support NDA
resubmission and/or approval; the time and cost necessary to obtain
regulatory approvals for veverimer; Tricida’s ability to obtain
approval for veverimer through the traditional approval process;
the costs associated with the delays in regulatory approval and
resubmission of Tricida’s NDA, and any increased costs associated
with raising capital in light of such delays; and risks associated
with the Company’s business prospects, financial results and
business operations.
These and other factors that may affect the Company’s future
results of operations are identified and described in more detail
in our filings with the Securities and Exchange Commission (the
“SEC”). You should not place undue reliance on these
forward-looking statements. The forward-looking statements
contained in this press release reflect Tricida’s current views
with respect to future events, and Tricida does not undertake and
specifically disclaims any obligation to update any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221019005999/en/
Jackie Cossmon, IRC Tricida, Inc. Senior Vice President of
Investor Relations and Communications IR@Tricida.com
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