Abeona Therapeutics enters $50 million facility via Avenue Venture

By Marisa Wong

Los Angeles, Jan. 8 – Abeona Therapeutics Inc. entered into a $50 million credit facility with Avenue Venture Opportunities Fund, LP, according to a press release.

The credit agreement, which has a term of three and a half years, includes a first tranche of $20 million at closing, a second tranche of $10 million of committed capital and an additional accordion option to upsize the credit facility by an additional $20 million upon satisfaction of certain terms and conditions.

Loan proceeds will be used to support the company’s ongoing preparations for launch and commercialization in anticipation of a potential approval for marketing in the United States by the Food and Drug Administration of pz-cel (prademagene zamikeracel), Abeona’s investigational autologous, COL7A1 gene-corrected epidermal sheets for the treatment of patients with recessive dystrophic epidermolysis bullosa (RDEB), as well as for general corporate purposes. The FDA has accepted and granted priority review with a PDUFA target action date of May 25 for the biologics license application for pz-cel.

A.G.P./Alliance Global Partners acted as financial advisor and lead arranger on this transaction.

Abeona is a Cleveland-based clinical-stage biopharmaceutical company developing cell and gene therapies for serious diseases.

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