Impel NeuroPharma Enters Into a $50 Million Debt Financing Agreement With Oxford Finance LLC and Silicon Valley Bank
July 07 2021 - 8:05AM
Impel NeuroPharma, Inc. (Impel), a late-stage biopharmaceutical
company focused on the development and commercialization of
transformative therapies for patients living with central nervous
system (CNS) diseases with high unmet medical needs,
today announced the closing of a $50 million debt
facility with Oxford Finance LLC and Silicon Valley Bank, of
which the first $20 million was funded at closing.
“This strategic debt financing, coupled with our
current cash, increases our balance sheet strength and firmly
positions us to execute upon the potential launch and
commercialization of TRUDHESA™ for the treatment of patients with
acute migraine,” said Adrian Adams, chairman and chief executive
officer of Impel NeuroPharma. “The TRUDHESA NDA was accepted for
review by the U.S. Food and Drug Administration in January of this
year and has a Prescription Drug User Fee Act target action date of
September 6, 2021.”
The initial $20 million tranche extends Impel’s
expected cash runway through the 4th quarter of 2022. Under the
terms of the debt facility, the second $10
million tranche is available through September 30, 2021
upon the approval of TRUDHESA™. The third $20 million tranche
is available through December 31, 2022, upon the achievement of
certain revenue milestones and other specified conditions. The debt
facility will mature on July 1, 2026 and requires interest
only payments until September 1, 2023, subject to potential
extension with achievement of certain revenue milestones.
“Oxford and SVB are pleased to provide Impel
with access to this growth capital term loan facility as the
Company prepares to commercially launch TRUDHESA™ and continues to
develop its proprietary POD® technology, which has demonstrated
successful results in multiple clinical trials to date,” said
Christopher Herr, Senior Managing Director at Oxford.
Cowen acted as the Company’s sole financial
adviser in connection with the debt facility.
About Impel NeuroPharmaImpel
NeuroPharma, Inc. is a late-stage pharmaceutical company focused on
utilizing its proprietary technology to develop and commercialize
transformative therapies for people suffering from diseases with
high unmet needs, with an initial focus on diseases of the CNS. The
Company’s strategy is to rapidly advance its product candidate
pipeline that pairs its proprietary Precision Olfactory Delivery
(POD®) system with well-established therapeutics, including
TRUDHESA™ for the acute treatment of migraine, INP105 for the acute
treatment of agitation and aggression in patients with autism, and
INP107 for OFF episodes in Parkinson’s disease.
About Oxford Finance LLCOxford
Finance is a specialty finance firm providing senior secured loans
to public and private life sciences and healthcare services
companies worldwide. For over 20 years, Oxford has delivered
flexible financing solutions to its clients, enabling these
companies to maximize their equity by leveraging their assets. In
recent years, Oxford has originated over $7 billion in loans, with
lines of credit ranging from $5 million to $150 million. Oxford is
headquartered in Alexandria, Va., with additional offices in San
Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New
York City areas. For more information,
visit https://oxfordfinance.com/
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward,
fast. SVB provides targeted financial services and expertise
through its offices in innovation centers around the world,
including offices in Seattle, San
Francisco, Irvine and San Diego. With commercial,
international and private banking services, SVB helps address the
unique needs of innovators. Learn more at svb.com.
Cautionary Note on Forward-Looking
StatementsThis press release contains “forward-looking”
statements within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including,
but not limited to, expectations regarding Impel’s cash runway,
Impel’s ability to satisfy the conditions for additional tranches
of the debt facility, the timing of approval of Impel’s NDA for
INP104 (proposed trade name TRUDHESA™) and of Impel’s other
regulatory submissions, timing of announcements of clinical results
and clinical development activities of its product candidates and
potential benefits and market opportunities of INP104 and its other
product candidates. Forward-looking statements can be identified by
words such as: “believe,” “may,” “will,” “potentially,” “estimate,”
“continue,” “anticipate,” “intend,” “could,” “would,” “project,”
“plan,” “expect” or the negative or plural of these words or
similar expressions. These statements are subject to numerous risks
and uncertainties that could cause actual results and events to
differ materially from those anticipated, including but not limited
to, Impel’s ability to obtain and maintain regulatory approval of
INP104 and its other product candidates, its ability to execute its
commercialization strategy for INP104 its ability to develop,
manufacture and commercialize its product candidates including
plans for future development of its POD devices and plans to
address additional indications for which Impel may pursue
regulatory approval, whether results of preclinical studies or
clinical trials will be indicative of the results of future trials,
and the effects of COVID-19 on its clinical programs and business
operations. Many of these risks are described in greater detail in
Impel’s filings with the Securities and Exchange Commission. Any
forward-looking statements in this press release speak only as of
the date of this press release. Impel assumes no obligation to
update forward-looking statements whether as a result of new
information, future events or otherwise, after the date of this
press release.
Impel, POD and the Impel logo are U.S.
registered trademarks of Impel NeuroPharma, Inc. To learn more
about Impel NeuroPharma, please visit our website at
https://impelnp.com/.
Contact:Investor Relations:Christina
TartagliaStern Investor RelationsPhone: (1)
212-362-1200Email: christina.tartaglia@sternir.com
Media Relations:Melyssa WeibleElixir Health Public
RelationsPhone: (1) 201-723-5805Email:
mweible@elixirhealthpr.com
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