Provides up to 12 months of interest-only
payments to January 2023 upon achievement of certain revenue
targets
Delays up to $17.4 million of principal
payments
Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a specialty
pharmaceutical company leveraging its novel formulation technology
platforms to develop and commercialize ready-to-use injectable and
infusible drug formulations, today announced that it has entered
into an amendment to its existing loan and security agreement with
Oxford Finance LLC (Oxford) and Silicon Valley Bank (SVB). The
amendment allows for extensions of interest-only payments for up to
12 months, subject to certain conditions, to January 2023. The
extensions allow the Company to delay principal payments of up to
$17.4 million, which would have been due during the periods between
January 1, 2022 and December 1, 2022, to periods beginning January
1, 2023. The final maturity date of the debt facility is June 1,
2024.
“Extending the interest-only period for up to one year to
January 2023 provides us flexibility from a cash runway
perspective, while we continue to build on the momentum of Gvoke
and leverage our novel technologies,” said Paul R. Edick, Chairman
and CEO of Xeris. “Oxford and SVB have been excellent partners of
Xeris over the years supporting our growth as we have transitioned
from a development company to a commercial organization.”
“Oxford is pleased to provide Xeris with more flexible repayment
terms under the existing credit facility in order to conserve the
Company’s cash as it continues to advance its development pipeline
and grow sales of Gvoke for the treatment of hypoglycemia,” said
Christopher Herr, Senior Managing Director at Oxford.
Under the new terms of the debt facility, of which $43.5 million
has been drawn, Xeris is eligible for a 6-month interest-only
extension to July 2022, an additional 3-month interest-only
extension to October 2022, and another 3-month interest-only
extension to January 2023, each upon achievement of certain
trailing 6-month revenue targets.
About Xeris Pharmaceuticals, Inc.
Xeris (Nasdaq: XERS) is a specialty pharmaceutical company
delivering innovative solutions to simplify the experience of
administering important therapies that people rely on every day
around the world. With a novel technology platform that enables
ready-to-use, room-temperature stable formulations of injectable
and infusible therapies, the company is advancing a portfolio of
solutions in various therapeutic categories, including its first
U.S. commercial product, Gvoke®. Its proprietary XeriSol™ and
XeriJect™ formulation technologies have the potential to offer
distinct advantages over conventional product formulations,
including eliminating the need for reconstitution, enabling
long-term, room-temperature stability, significantly reducing
injection volume, and eliminating the requirement for intravenous
(IV) infusion. With Xeris’ technology, new product formulations are
designed to be easier to use by patients, caregivers, and health
practitioners and help reduce costs for payers and the healthcare
system.
Xeris is headquartered in Chicago, IL. For more information,
visit www.xerispharma.com, or follow us on Twitter, LinkedIn, or
Instagram.
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 $6 billion in
loans, with lines of credit ranging from $5 million to $150
million. Oxford is headquartered in Alexandria, Virginia, with
additional offices in San Diego, California, Palo Alto, California,
and the greater Boston and New York City areas. For more
information, visit oxfordfinance.com.
About Silicon Valley Bank
For more than 35 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. With
commercial, international, and private banking services, SVB helps
address the unique needs of innovators. Learn more at svb.com.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Xeris Pharmaceuticals, Inc., including
statements concerning plans, projections and estimates regarding
the use of proceeds from the credit facility, and other statements
containing the words "will," "would," "continue," and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including, without limitation, the regulatory approval of
the Company’s product candidates, its ability to fund its
operations, capital expenditures, and planned drug development and
commercialization efforts, its ability to market and sell its
current and future products, if approved, and other factors
discussed in the "Risk Factors" section of the most recently filed
Annual Report on Form 10-K filed with the Securities and Exchange
Commission, as well as discussions of potential risks,
uncertainties, and other important factors in Xeris’ subsequent
filings with the Securities and Exchange Commission. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and Xeris expressly disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
The Company intends to use the investor relations portion of its
website as a means of disclosing material non-public information
and for complying with disclosure obligations under Regulation
FD.
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version on businesswire.com: https://www.businesswire.com/news/home/20210506005247/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com 312-736-1237
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