Iveric Bio has closed debt financing of up to $250 million from Hercules Capital and Silicon Valley Bank, according to a press release.
Under the debt financing facility, Iveric is borrowing $50 million in July 2022, and $150 million will be available based on the achievement of development and regulatory milestones for Zimura (avacincaptad pegol), which is being investigated for the treatment of geographic atrophy. An additional $50 million will be made available subject to lender approval, according to the statement.
“We are grateful to have secured this non-dilutive financing as it further strengthens our balance sheet and provides financial flexibility as we seek 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 statement. “We look forward to publishing 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 annual meeting of the American Society of Retina Specialists, Zimura helped reduce the growth of geographic atrophy lesions at all distances from the foveal center.