Iveric Bio enters up to $250 million term loan debt financing facility

By Marisa Wong

Los Angeles, July 26 – Iveric Bio, Inc. entered into a term loan debt financing facility with Hercules Capital, Inc. and Silicon Valley Bank for total borrowing capacity of up to $250 million in non-dilutive debt financing, according to a press release.

Under the terms of the facility, the company is borrowing $50 million in July, with an additional $150 million total being available subject to the company’s achievement of specified performance milestones relating to development and regulatory events for the drug Zimura and an additional $50 million being available subject to the lenders’ approval.

“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 (avacincaptad pegol) in geographic atrophy (GA) in the United States, subject to regulatory approval,” chief financial officer David F. Carroll said in the press release.

“We look forward to reporting data from Gather2, our second pivotal clinical trial in GA in September of this year.”

J Wood Capital Advisors was financial advisor, and WilmerHale acted as legal counsel to Iveric Bio in connection with the facility. DLA Piper was legal counsel to Hercules Capital and Silicon Valley Bank.

Iveric Bio is a Parsippany, N.J.-based biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs.

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