Replimune secures $200 million in non-dilutive debt financing from Hercules Capital, Inc.

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WOBURN, Mass., Oct. 07, 2022 (GLOBE NEWSWIRE) — Replimune Group, Inc. (NASDAQ:REPL), a clinical-stage biotechnology company pioneering the development of a new class of tumor-directed oncolytic immunotherapies , today announced that it has secured a $200 million non-dilutive term loan facility from Hercules Capital, Inc. (NYSE: HTGC), a leader in personalized debt financing for corporate markets. life sciences and technologies. This non-dilutive capital extends the cash trail to 2025 before key catalysts from the company’s registration-led CERPASS and IGNYTE trials in failed cutaneous squamous cell carcinoma (CSCC) and anti-PD1 melanoma, including Commercial infrastructure funding costs and operation of a confirmatory study to support potential BLA deposition in anti-PD1 failed melanoma.

“This non-dilutive financing option provides Replimune with significant flexibility as we prepare for key RP1 dermal franchise data catalysts and associated commercial preparations of our novel tumor-directed oncolytic immunotherapies, as well as the advancement of RP2. /3 in phase 2 studies”, said Jean Franchi, Chief Financial Officer of Replimune. “Not only does this non-dilutive financing strengthen what we believe to be an already strong financial position, it creates an option in future capital formation and allows us to choose when and how much we access available financing in order to help managing the future cost of capital and dilution.

“Hercules strives to align itself with some of the best and brightest companies in the life sciences industry to provide them with long-term capital commitments to help them achieve their ambitious goals. We are excited to be working with Replimune and his team ahead of many important data, regulatory and commercial milestones,” said Bryan Jadot, Senior Managing Director and Group Head at Hercules Capital.

The loan facility consists of up to six tranches, five of which can be drawn at Replimune’s option and each matures in October 2027. The loan facility provides for at least 48 months of interest only at closing, interest period only extendable to 60 months upon satisfaction of certain milestones. An initial tranche of $30 million was funded at closing with an additional $30 million available to be drawn down at Replimune’s option before September 30, 2023. An additional $115 million is available subject to the completion by the company of specified performance milestones regarding clinical, regulatory and business events. The final tranche of $25 million is available for drawing, at Replimune’s discretion and subject to Hercules’ consent during the Interest Only Period.

Armentum Partners acted as exclusive financial advisor to the Company in connection with this transaction.

Additional details of the loan agreement will be filed with the Securities and Exchange Commission in a current report on Form 8-K.

About Replimune
Replimune Group, Inc., headquartered in Woburn, MA, was founded in 2015 with a mission to transform cancer treatment by paving the way for the development of novel tumor-directed oncolytic immunotherapies. Replimune’s proprietary RPx platform is based on a powerful HSV-1 backbone with added payloads to maximize immunogenic cell death and induction of a systemic anti-tumor immune response. The RPx platform has a unique local and systemic dual mechanism of action (MOA) consisting of direct selective destruction of the tumor via a virus, resulting in the release of tumor-derived antigens and modification of the tumor microenvironment (TME) to trigger a strong and lasting action. systemic response. This mode of action is expected to be synergistic with most established and experimental cancer treatment modalities and, with an attractive safety profile, the RPx platform has the versatility to be developed on its own or combined with a variety of other options. treatment. For more information, please visit www.replimune.com.

FForward-looking statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the strength of our financial situation, our expectations on our cash flow, the design and progress of our clinical trials, the timing and sufficiency of the results of our clinical trials to support the potential approval of any of our product candidates, our objectives for development and commercialization of our product candidates, patient enrollments in our planned clinical trials and their timing, and other statements identified by words such as “could”, “expect”, “intend of’, ‘may’, ‘plans’, ‘potential’, ‘should’, ‘will’, ‘would’ or similar expressions and the negatives of these terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. . These factors include risks related to our limited operating history, our ability to generate positive clinical trial results for our product candidates, the costs and timing of operating our in-house manufacturing facility, the timing and scope regulatory approvals, changes in laws and regulations to which we are subject, competitive pressures, our ability to identify other product candidates, political and global macro-factors, including the impact of the coronavirus as a global pandemic and related public health issues, and other risks that may be detailed from time to time in our annual reports on Form 10-K and quarterly reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. Our actual results could differ materially from the results described or implied by these forward-looking statements. Forward-looking statements speak only as of the date hereof and, except as required by law, we undertake no obligation to update or revise these forward-looking statements.

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