Centrexion Therapeutics Raises $40.5 Million and Adds Lilly and Exome Asset Management as New Investors
October 29 2020 - 7:30AM
Centrexion Therapeutics Corporation, a biotechnology company
focused on developing and commercializing non-opioid, non-addictive
chronic pain drugs and in-licensing undervalued mid-stage drug
candidates across multiple target therapeutic areas, today
announced that it has raised $40.5 million of cash via:
- Convertible security investments
from Lilly and Exome Asset Management – each a new investor in
Centrexion;
- Collaboration-related investment
from Lilly which signifies continued confidence in our joint
compound (0290, an SSTR4 agonist, in Phase 2a for neuropathic,
musculoskeletal and inflammatory pain); and
- Expanded lending from the existing
debt facility with Solar Capital Partners, LLC
Inclusive of this $40.5 million raise,
Centrexion has in excess of $75 million of cash to deploy for the
continued in-licensing of drug candidates and development of its
portfolio of four clinical-stage drug candidates including:
- 4975 (TRPV1 agonist) in Phase 3 for
knee osteoarthritis pain
- 6970 (CCR2 antagonist) in Phase 2a
for osteoarthritis pain
- 6016 (CB2 agonist) in Phase 1b/2a
for diabetic neuropathy
- 0290 (SSTR4 agonist) in Phase 2a
for neuropathic, musculoskeletal and inflammatory pain
In addition to the drug candidates listed above,
Centrexion expects to close within the next few months on the
acquisition of another mid-development stage drug candidate
addressing pain.
“The investments made by Lilly, Exome and Solar
strengthen our ability to advance our existing drug candidate
pipeline and to leverage our deep development expertise by actively
pursuing additional licensing opportunities for promising mid-stage
assets across many target therapeutics areas,” said Jeff Kindler,
CEO of Centrexion. “We are grateful to Lilly and Exome for becoming
new investors in our Company and for Solar’s expanded
support. Also, Lilly’s continued investment in the
successful development of 0290 is meaningful to us, especially
given Lilly’s tremendous track record developing and
commercializing novel pain therapies.”
“Centrexion’s deep pipeline extends from
mid-stage development to large registrational clinical trials. The
additional investments will support these development efforts and,
importantly, fuel more in-licensing both in and outside the pain
field,” said Sol Barer, Ph.D., Chairman of the Board of Centrexion.
“Also, the collaboration with Lilly has been and continues to be
validation of Centrexion’s ability to identify and acquire
promising drug candidates and then garner the appropriate talent
and resources to bring them through development efficiently.”
“Treatment of chronic pain is poorly served and
globally represents nearly a $100 billion market, and we are
excited to support treatment advances to help meet this high unmet
medical need,” said Sam Isaly, Founder and Managing Member of Exome
Asset Management. “We are pleased to be partnering with Centrexion
and its tremendously committed shareholders in this important
endeavor.”
About Centrexion Therapeutics
Corporation Centrexion is a late-stage clinical-stage
biotechnology company focused on becoming the leader in
identifying, developing and commercializing novel, non-opioid and
non-addictive therapies to address the large unmet medical need for
the treatment of chronic pain and in-licensing undervalued
mid-stage drug candidates across pain and other therapeutic areas.
Centrexion’s investors include: NEA, InterWest, Lilly, Lilly Asia
Ventures, Quan Capital, ArrowMark Partners, Clough Capital and
Exome Asset Management.
About Exome Asset
ManagementExome Asset Management is a New York-based
innovative asset management company founded by Sam Isaly. Exome
specializes in investing globally in public and private healthcare
companies across the subsectors of pharmaceuticals,
biopharmaceuticals, healthcare services, and medical devices.
About Solar CapitalSolar
Capital Partners, LLC (“Solar”) is an SEC-registered investment
adviser that primarily invests directly in leveraged, U.S. middle
market companies in the form of cash flow and asset-based senior
secured investments. Solar manages approximately $6.5 billion of
investable capital, including serving as the investment adviser to
two publicly traded business development companies, Solar Capital
Ltd. and Solar Senior Capital Ltd. Solar’s life science lending
business provides financing solutions for later-stage biopharma,
medical device, healthcare IT and healthcare services companies,
both venture backed private and public, and from pre-revenue
clinical to early commercial stage.
Forward Looking StatementThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “may,” “will,” “expect,” “plan,” “anticipate,”
“estimate,” “intend” and similar expressions (as well as other
words or expressions referencing future events, conditions or
circumstances) convey uncertainty of future events or outcomes and
are intended to identify these forward-looking statements.
Forward-looking statements include statements regarding our
intentions, beliefs, projections, outlook, analyses or current
expectations concerning, among other things: our future results of
operations and financial position, business strategy, prospective
products, product approvals, research and development costs, future
revenue, timing and likelihood of success, and plans and objectives
of management for future operations. Factors that may cause such a
difference in the actual results in the future include the risks
and uncertainties associated with: the impact of the COVID-19
pandemic on our business and the global economy; general market
conditions; changes in the competitive landscape and the
introduction of competitive products; changes in our strategic and
commercial plans; our ability to obtain sufficient financing to
fund our strategic plans and commercialization efforts; the loss of
key members of management and our commercial team; and the risks
and uncertainties associated with our business and financial
condition in general. All forward-looking statements contained in
this press release speak only as of the date on which they were
made and are based on management's assumptions and estimates as of
such date. We do not undertake any obligation to publicly update
any forward-looking statements, whether as a result of the receipt
of new information, the occurrence of future events or
otherwise.
Company
Contact:Mike Ward, CFO(312)
315-2202 (mobile)mward@centrexion.com
Investor Relations
Contact: Barbara Ryan,
Advisor(203) 274-2825 (mobile)bryan@centrexion.com
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