SAN
DIEGO, Jan. 13, 2025 /PRNewswire/ -- Inhibrx
Biosciences, Inc. ("Inhibrx" or the "Company") (Nasdaq: INBX), a
biopharmaceutical company with two programs in ongoing clinical
trials, today announced it entered into a loan and security
agreement (the "LSA") with Oxford Finance LLC ("Oxford", together
with certain of its affiliates party thereto, the "Lenders"),
pursuant to which the Lenders provided a five-year term loan
facility for up to $150 million (the
"Credit Facility").
"This enables us strategic flexibility post data readouts
expected later this year for our INBRX-109 and INBRX-106 programs,"
said Kelly Deck, Chief Financial
Officer of Inhibrx. "Oxford has been a great partner to Inhibrx
throughout its evolution as a company and we are pleased to
continue the relationship."
"We are proud to further our long-standing partnership with
Inhibrx," said Christopher Herr,
Senior Managing Director at Oxford. "The INBRX-109 and INBRX-106
programs have shown highly promising clinical results, and we look
forward to supporting Inhibrx as it advances its pipeline and
further develops these innovative therapies."
The Credit Facility closed on January 13,
2025 (the "Closing Date"). Pursuant to the LSA, the Company
received an initial Term Loan of $100
million funded on the Closing Date. An additional
$50 million may be made available at
the Company's request and subject to the Lenders' discretion. The
repayment schedule provides for interest-only payments until
March 2028. As part of the agreement,
Inhibrx also issued to the Lenders warrants to purchase an
aggregate of 140,741 shares of Inhibrx's common stock, which is
equal to 2% of the value of the initial term loan divided by a
strike price of $14.21 per
share. Additional warrants will become issuable in connection
with any additional funding by the Lenders.
About Inhibrx Biosciences, Inc.
Inhibrx Biosciences is a clinical-stage biopharmaceutical
company focused on developing a broad pipeline of novel biologic
therapeutic candidates. Inhibrx Biosciences utilizes diverse
methods of protein engineering to address the specific requirements
of complex target and disease biology, including its proprietary
protein engineering platforms. Inhibrx Biosciences was incorporated
in January 2024 as a direct,
wholly-owned subsidiary of Inhibrx, Inc. Prior to the sale of
Inhibrx, Inc. and the INBRX-101 program to Sanofi S.A., Inhibrx
Biosciences acquired certain corporate infrastructure and other
assets and liabilities through a series of internal restructuring
transactions effected by Inhibrx, Inc. Inhibrx, Inc. also completed
a distribution to holders of its shares of common stock of 92% of
the issued and outstanding shares of Inhibrx Biosciences. Following
such transactions, Inhibrx Biosciences' current clinical pipeline
of therapeutic candidates includes ozekibart (INBRX-109) and
INBRX-106, both of which utilize multivalent formats where the
precise valency can be optimized in a target-centric way to mediate
what we believe to be the most appropriate agonist function. Both
programs have key data readouts expected in 2025. For more
information, please visit www.inhibrx.com.
About Oxford Finance LLC
Oxford Finance LLC is a specialty finance firm providing senior
secured loans to public and private life sciences, healthcare
services, healthtech, business services and SaaS companies
worldwide. For over 20 years, Oxford has delivered flexible
financing solutions to over 700 companies, allowing borrowers to
maximize their equity by leveraging their assets. Since 2002,
Oxford has originated more than $14
billion in loans. Oxford is headquartered in Alexandria, Virginia, with additional offices
serving the greater San Diego,
San Francisco, Boston and New York
City metropolitan areas. For more information,
visit https://oxfordfinance.com.
Forward-Looking Statements
Inhibrx cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on Inhibrx's
current beliefs and expectations. These forward-looking statements
include, but are not limited to, statements regarding:
the financial capacity available under the Credit Facility,
including the potential for Inhibrx to draw down an
additional $50 million and the
issuance of warrants associated with such draw down, future
clinical development of Inhibrx's therapeutic candidates, including
statements regarding the timing of future data readouts, and
evaluations and judgments regarding Inhibrx's strategic
flexibility, cash position and balance sheet. Actual results may
differ from those set forth in this press release due to the risks
and uncertainties inherent in Inhibrx's business, including,
without limitation, risks and uncertainties regarding: the
initiation, timing, progress and results of its preclinical studies
and clinical trials, and its research and development programs; its
ability to advance therapeutic candidates into, and successfully
complete, clinical trials; its interpretation of initial, interim
or preliminary data from its clinical trials, including
interpretations regarding disease control and disease response; the
timing or likelihood of regulatory filings and approvals; the
successful commercialization of its therapeutic candidates, if
approved; the pricing, coverage and reimbursement of its
therapeutic candidates, if approved; its ability to utilize its
technology platform to generate and advance additional therapeutic
candidates; the implementation of its business model and strategic
plans for its business and therapeutic candidates; its ability to
successfully manufacture therapeutic candidates for clinical trials
and commercial use, if approved; its ability to contract with
third-party suppliers and manufacturers and their ability to
perform adequately; the scope of protection it is able to establish
and maintain for intellectual property rights covering its
therapeutic candidates; its ability to enter into strategic
partnerships and the potential benefits of these partnerships; its
estimates regarding expenses, capital requirements and needs for
additional financing and financial performance; its ability to
raise funds needed to satisfy its capital requirements, which may
depend on financial, economic and market conditions and other
factors, over which it may have no or limited control; developments
relating to its competitors and industry; and other risks described
from time to time in the "Risk Factors" section of its filings with
the U.S. Securities and Exchange Commission, including those
described in its Registration Statement on Form 10, as amended
(File No. 001-42031), its Registration Statement on Form S-1, as
amended and supplemented from time to time (File No. 333-280127),
and its Quarterly Reports on Form 10-Q, and supplemented from time
to time by its Current Reports on Form 8-K as filed from time to
time. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and Inhibrx undertakes no obligation to update these statements to
reflect events that occur or circumstances that exist after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Investor and Media Contact:
Kelly Deck, CFO
ir@inhibrx.com
858-795-4260
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SOURCE Inhibrx Biosciences, Inc.