LA JOLLA, Calif., June 20, 2016 /PRNewswire/ -- Regulus
Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company
leading the discovery and development of innovative medicines
targeting microRNAs, today announced it has entered into a
$30 million loan and security
agreement with Oxford Finance LLC. Proceeds from the loan
will be used to provide additional working capital for the
advancement of its clinical and pre-clinical development
pipeline.
"Access to this non-dilutive capital provides us with
significant additional financial resources to advance our clinical
development programs, and importantly, extends our cash runway into
2018," said Paul Grint, M.D., Chief Executive Officer of
Regulus Therapeutics. "We are pleased with the terms of the
loan and the flexibility it offers us as we look to generate
important new clinical data from our pipeline."
"Oxford is pleased to provide working capital to support Regulus
Therapeutics' microRNA product development initiatives," said
Christopher A. Herr, Senior Managing
Director at Oxford Finance. "We look forward to following
Regulus' pipeline progression, and we believe it is on track to
deliver several valuable new treatments for a wide range of
critical diseases."
Regulus will receive $20 million
after execution of the loan agreement, which will further support
the acceleration of its broad Phase II clinical program for
RG-101. Under the terms of the agreement, an additional
$10 million tranche will be available
to Regulus, subject to the achievement of certain specified
milestones. The credit facility, which matures on June
1, 2020, provides for interest-only payments for the first 24
months of the term, and will bear interest at a rate equal to the
sum of 8.51% plus the greater of 0.44% or the three month LIBOR
rate.
About Regulus
Regulus Therapeutics Inc. (Nasdaq:RGLS) is a biopharmaceutical
company leading the discovery and development of innovative
medicines targeting microRNAs. Regulus has leveraged its
oligonucleotide drug discovery and development expertise to develop
a well-balanced microRNA therapeutics pipeline complemented by a
maturing microMarkersSM biomarkers platform and a rich
intellectual property estate to retain its leadership in the
microRNA field. Regulus is developing RG-101, a
GalNAc-conjugated anti-miR targeting microRNA-122 for the treatment
of chronic hepatitis C virus infection, and RG-012, an anti-miR
targeting microRNA-21 for the treatment of Alport syndrome, a
life-threatening kidney disease driven by genetic mutations with no
approved therapy. In addition, RG-125, a GalNAc-conjugated
anti-miR targeting microRNA-103/107 for the treatment of NASH in
patients with type 2 diabetes/pre-diabetes, has entered Phase I
clinical development through its strategic alliance with
AstraZeneca. Regulus is also advancing several programs
toward clinical development in renal, hepatic and central nervous
systems diseases, both independently and with our strategic
alliance partners, Sanofi and AstraZeneca. Regulus' commitment to
innovation has resulted in multiple peer-reviewed publications in
notable scientific journals and has resulted in the formation of
strategic alliances with AstraZeneca and Sanofi. Regulus
maintains its corporate headquarters in La Jolla, CA. For more information,
please visit http://www.regulusrx.com.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements associated with the expected ability
of Regulus to undertake certain activities and accomplish certain
goals (including with respect to development and other activities
related to RG-101), the projected timeline of clinical development
activities, and expectations regarding future therapeutic and
commercial potential of Regulus' business plans, technologies and
intellectual property related to microRNA therapeutics and
biomarkers being discovered and developed by Regulus. Because
such statements are subject to risks and uncertainties, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "intends," "will," "goal,"
"potential" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon Regulus' current expectations and involve assumptions
that may never materialize or may prove to be incorrect.
Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of various risks and uncertainties, which include, without
limitation, risks associated with the process of discovering,
developing and commercializing drugs that are safe and effective
for use as human therapeutics, and in the endeavor of building a
business around such drugs. These and other risks concerning
Regulus' financial position and programs are described in
additional detail in Regulus filings with the Securities and
Exchange Commission. All forward-looking statements contained
in this press release speak only as of the date on which they were
made. Regulus undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made.
About Oxford Finance LLC
Oxford 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
$3 billion in loans, with lines of
credit ranging from $500 thousand to $75
million. Oxford is headquartered in Alexandria, Virginia, with additional offices
in California and
Massachusetts. For more information, visit
www.oxfordfinance.com.
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SOURCE Regulus Therapeutics Inc.