Eloxx Pharmaceuticals Secures Debt Facility of Up to $30 Million from Hercules Capital
October 05 2021 - 8:00AM
Eloxx Pharmaceuticals, Inc. (Nasdaq: ELOX), today announced that
the company has entered into a debt facility of up to $30.0 million
with Hercules Capital, Inc. (NYSE: HTGC), a specialty financing
lender for life science and technology companies. Eloxx has drawn
the initial tranche of $12.5 million and used the proceeds to repay
in full amounts outstanding under the Company’s existing debt
facility. The remaining funds under the new facility will be
available in additional tranches upon the achievement of specific
clinical milestones or other terms and conditions. For additional
information please see our Current Report on Form 8-K filed with
the SEC today.
“This non-dilutive financing will provide
additional capital to advance our product pipeline, including
ELX-02, which is currently in Phase 2 clinical trials in cystic
fibrosis patients affected by nonsense mutations, as well as also
our preclinical programs focused on treating rare diseases created
through our TURBO-ZM™ technology platform,” said Sumit Aggarwal,
President and CEO of Eloxx. “We are incredibly pleased to have the
support of a leading biotechnology lender such as Hercules.”
“Hercules is pleased to enter into this financing partnership
with Eloxx as it continues to advance its pipeline of both clinical
and preclinical assets,” said Janice Bourque, Managing Director at
Hercules Capital. “This investment in Eloxx provides another
example of our ability to finance life sciences companies through
multiple stages of development and through various value inflection
points.”
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception in 2003, Hercules has committed more than $12 billion to
over 530 companies and is the lender of choice for entrepreneurs
and venture capital firms seeking growth capital financing.
Companies interested in learning more about financing opportunities
should contact info@htgc.com, or call 650-289-3060.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals, Inc. is engaged in the science of
ribosome modulation, leveraging both its innovative TURBO-ZM™
chemistry technology platform in an effort to develop novel
Ribosome Modulating Agents (RMAs) and its library of Eukaryotic
Ribosome Selective Glycosides (ERSGs). Eloxx’s lead investigational
product candidate, ELX-02, is a small molecule drug candidate
designed to restore production of full-length functional proteins.
ELX-02 is in clinical development focusing on cystic fibrosis.
ELX-02 is an investigational drug that has not been approved by any
global regulatory body. Eloxx also has preclinical programs focused
on select rare diseases including inherited diseases, cancer caused
by nonsense mutations, kidney diseases, including autosomal
dominant polycystic kidney disease, as well as rare ocular genetic
disorders.
For more information, please visit www.eloxxpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of present and
historical facts contained in this press release, including without
limitation, statements regarding the potential of our product
candidate to treat nonsense mutations are forward-looking
statements. Forward-looking statements can be identified by the
words “aim,” “may,” “will,” “would,” “should,” “expect,” “explore,”
“plan,” “anticipate,” “could,” “intend,” “target,” “project,”
“contemplate,” “believe,” “estimate,” “predict,” “potential,”
“seeks,” or “continue” or the negative of these terms similar
expressions, although not all forward-looking statements contain
these words.
Forward-looking statements are based on management's current
plans, estimates, assumptions and projections based on information
currently available to us. Forward-looking statements are subject
to known and unknown risks, uncertainties and assumptions, and
actual results or outcomes may differ materially from those
expressed or implied in the forward-looking statements due to
various important factors, including, but not limited to: our
ability to progress any product candidates in preclinical or
clinical trials; the uncertainty of clinical trial results and the
fact that positive results from preclinical studies are not always
indicative of positive clinical results; the scope, rate and
progress of our preclinical studies and clinical trials and other
research and development activities; the competition for patient
enrollment from drug candidates in development; the impact of the
global COVID-19 pandemic on our clinical trials, operations,
vendors, suppliers, and employees; our ability to obtain the
capital necessary to fund our operations; the cost of filing,
prosecuting, defending and enforcing any patent claims and other
intellectual property rights; our ability to obtain financial in
the future through product licensing, public or private equity or
debt financing or otherwise; general business conditions,
regulatory environment, competition and market for our products;
and business ability and judgment of personnel, and the
availability of qualified personnel and other important factors
discussed under the caption “Risk Factors” in our Quarterly Report
on Form 10-Q for the quarterly period ended June 30, 2021, as any
such factors may be updated from time to time in our other filings
with the SEC, accessible on the SEC’s website at www.sec.gov and
the “Financials & Filings” page of our website at
https://investors.eloxxpharma.com/financial-information/sec-filings.
All forward-looking statements speak only as of the date of this
press release and, except as required by applicable law, we have no
obligation to update or revise any forward-looking statements
contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise.
Contact
InvestorsJohn
Woolfordjohn.woolford@westwicke.com443.213.0506
MediaLaureen Cassidylaureen@outcomescg.com
Source: Eloxx Pharmaceuticals, Inc.
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