SAN DIEGO and VANCOUVER, British Columbia, Sept. 13, 2017 /PRNewswire/ -- Sophiris Bio
Inc. (NASDAQ: SPHS) (the "Company" or "Sophiris"), a
biopharmaceutical company studying topsalysin (PRX302), a
first-in-class pore-forming protein, in late-stage clinical trials
for the treatment of patients with urological diseases, today
announced that it entered into a loan and security agreement
with Silicon Valley Bank and may borrow up to $10 million in two term loans. On September 12, 2017, the Company borrowed
$7 million of this amount.
"We plan to utilize the proceeds from this loan to fund the
manufacturing for Phase 3 clinical trial materials and expect that
it will allow us to extend our cash runway to the middle of 2019
and provide additional financial flexibility as we advance
topsalysin through clinical development," said Randall E. Woods, president and CEO of Sophiris.
"Our Phase 2b clinical trial of topsalysin in patients with
localized prostate cancer continues to enroll patients, and we
remain on track to have 24-week biopsy data by the end of the first
quarter of 2018, assuming enrollment continues on schedule.
Complete data on all patients, including those who receive a second
dose of topsalysin, is expected to be available in the fourth
quarter of 2018."
Sophiris may, at its discretion, borrow the remaining
$3 million subject to the achievement
of certain milestones prior to December 31,
2018. The term loans mature on September 1, 2021. In connection with the loan,
on September 8, 2017, Sophiris issued
to Silicon Valley Bank a warrant to purchase an aggregate of up to
99,526 of the Company's common shares at an exercise price of
$2.11 per share. The warrant will
expire on September 8, 2024.
Additional details of the loan agreement and warrant will be filed
with the Securities and Exchange Commission on a Current Report on
Form 8-K.
About Sophiris
Sophiris Bio Inc. is a late-stage, clinical biopharmaceutical
company developing topsalysin (PRX302) for the treatment of
patients with urological diseases. Topsalysin is in Phase 2
clinical development for the focal treatment of localized prostate
cancer as well as Phase 3 clinical development for the treatment of
the lower urinary tract symptoms of benign prostatic hyperplasia
(BPH). Topsalysin is a highly potent ablative agent that is
selective and targeted in that it is only activated by
enzymatically active PSA which is found in high concentrations in
the transition zone of the prostate and in and around prostate
tumor cells. More than 400 patients have received topsalysin, which
continues to appear to be safe and well tolerated. For more
information, please visit www.sophirisbio.com.
Certain statements included in this press release may be
considered forward-looking. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from those implied by such statements, and therefore
these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on
Sophiris' current beliefs as well as assumptions made by and
information currently available to Sophiris and relate to, among
other things, anticipated financial performance, business
prospects, strategies, regulatory developments, market acceptance,
future commitments, cash runway, manufacturing plans and
expectations and projected clinical development timelines,
including expected rates of enrollment in clinical trials and
expectations regarding the availability of data from clinical
trials. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Due to risks and uncertainties, including the risks
and uncertainties identified by Sophiris in its public securities
filings; actual events may differ materially from current
expectations. Sophiris disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor Relations and Company Contact:
Peter Slover
Chief Financial Officer
(858) 777-1760
Corporate Communications:
Jason Spark
Canale Communications
Corporate Communications
(619) 849-6005
jason@canalecomm.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/sophiris-bio-secures-up-to-10-million-in-term-loans-from-silicon-valley-bank-300519040.html
SOURCE Sophiris Bio Inc.