Hercules Growth Capital Provides Celladon $25MM Facility
Celladon announced it entered into a credit facility with Hercules Technology Growth Capital and its affiliate lenders. The facility provides for up to $25 million of loans.
Celladon drew a first tranche of $10 million at the closing of the new credit facility. A second tranche of up to $15 million can be drawn, at Celladon’s option, prior to May 31, 2015. This option may be exercised if data from the ongoing Phase 2b trial of MYDICAR supports the continued development of MYDICAR for its Breakthrough Therapy indication to either a Phase III study or registration for approval, as reasonably determined by Celladon’s senior management and board of directors. MYDICAR has received Breakthrough Therapy designation from the FDA for reducing hospitalization for heart failure in Nab-negative NYHA class III or class IV heart failure patients who are not in immediate need of a left ventricular assist device or heart transplant. Celladon expects to report results from the Phase 2b trial in April 2015.
Celladon plans to use the proceeds from the credit facility to provide additional funding for the development of MYDICAR, for other development programs in its pipeline, and for general corporate purposes.
“This credit facility with Hercules will provide additional funding in support of our rapidly advancing pipeline,” commented Paul Cleveland, president and CFO of Celladon. “It demonstrates our conviction that MYDICAR could represent a breakthrough in the treatment of advanced heart failure, and it also represents a vote of confidence in our company by Hercules.”
Celladon is a clinical-stage biotechnology company that develops novel therapies for diseases with unmet medical needs.