Trevi Therapeutics Closes $15 Million Debt Facility Provided by Solar Capital and Square 1 Bank
January 08 2015 - 9:00AM
Business Wire
Trevi Therapeutics, Inc. (“Trevi”), a late-stage clinical
development company focused on developing Nalbuphine ER for chronic
pruritus conditions, today announced the closing of a $15 million
senior secured term loan agreement provided by Solar Capital Ltd.
(“Solar Capital”) as collateral agent and lender and Square 1 Bank
as lender.
“This financing is an important step for Trevi as we complete
the funding for our ongoing clinical trials of Nalbuphine ER in
uremic pruritus and prurigo nodularis,” said Jennifer Good,
President and CEO.
“Trevi is developing therapeutic alternatives for the relief of
severe chronic itch conditions which currently have no approved
therapies in the US,” said Anthony Storino, head of healthcare
venture lending at Solar Capital. “Solar Capital is pleased to lead
this financing to support the company’s ongoing development
efforts.”
“Square 1 is proud to partner with Trevi as they continue to
move their trials forward in this important area of unmet need,”
added Mara Huntington, senior vice president at Square 1 Bank.
“Supporting therapeutics that improve patient quality of life is
important to us at Square 1.”
About Trevi Therapeutics
Trevi Therapeutics, Inc. is a late-stage clinical development
company focused on developing Nalbuphine ER for chronic pruritus
(itch). Pruritus develops in various dermatologic, metabolic,
hematologic and neuropathic conditions. The Company is pursuing two
conditions for clinical development: uremic pruritus and prurigo
nodularis. Uremic pruritus is a persistent and debilitating itch in
patients on dialysis that has been associated with increased
mortality. Trevi initiated a pivotal trial in uremic pruritus in
mid-2014 and expects to report results in mid-2015. Prurigo
nodularis is a chronic dermatologic condition characterized by
severely pruritic nodules on the skin that are independent of
underlying etiology. There are no approved therapies in the US or
EU for either condition.
Nalbuphine ER is an oral extended release opioid with a unique
opioid receptor dual agonist/antagonist mechanism of action, which
has shown efficacy in addressing pruritus in both animal studies
and human clinical trials. Because of Nalbuphine ER’s dual
mechanism of action, the company believes it can have broad utility
in treating chronic pruritus. Founded in 2011, Trevi is
headquartered in New Haven, CT.
About Solar Capital Ltd.
Solar Capital Ltd. (ticker: SLRC) is a closed-end investment
company that has elected to be treated as a business development
company under the Investment Company Act of 1940. Solar Capital
primarily invests in leveraged, middle market companies in the form
of senior secured loans, unitranche loans, mezzanine loans, and
equity securities. Solar Capital Partners, the investment advisor
to Solar Capital Ltd., has invested approximately $4.5 billion in
more than 170 different portfolio companies since it was founded in
2006 and completed transactions with more than 100 different
financial sponsors and venture capital firms.
Solar Capital’s healthcare lending segment provides financing
solutions for bio-pharma, medical device, healthcare IT and
healthcare services companies, both venture-backed private and
public, and from pre-revenue clinical to commercial stage.
About Square 1 Bank
Square 1 Bank (ticker: SQBK) is a full service commercial bank
dedicated exclusively to serving the financial needs of the venture
capital community and entrepreneurs in all stages of growth and
expansion. Square 1's expertise, focus and strong capital base
provide flexible resources and unmatched support to meet our
clients’ needs. Square 1 has offices coast-to-coast in Austin, the
Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New
York, San Diego, Seattle, Silicon Valley and Washington, DC. For
more information, visit www.square1bank.com.
Trevi TherapeuticsLaura Brophy, (203)
331-7618mediarelations@trevitherapeutics.comorSolar CapitalRichard
Pivirotto, 212-994-8543pivirotto@solarcapltd.comorSquare 1 BankDee
McDougal, 919-597-7479dmcdougal@square1bank.com
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