MidCap Financial Closes ZS Pharma Debt Financing
ZS Pharma (ZSPH), a biopharmaceutical company developing novel treatments for kidney, cardiovascular, liver and metabolic disorders, announced it secured a debt facility of up to $20 million with MidCap Financial.
The company will use the funding to advance the clinical development of ZS-9 (sodium zirconium cyclosilicate), its proprietary drug candidate for the potential treatment of acute and chronic hyperkalemia. In June 2014, the company also raised net proceeds of approximately $112 million from its IPO.
Under the terms of the agreement, the company immediately drew $10 million upon closing on July 14, 2014, leaving the remaining $10 million available for working capital purposes when certain development milestones are met over the next several months.
“With the proceeds from our IPO in June and this debt facility, we are now in a solid position to fund the development of ZS-9,” said Todd Creech, CFO of ZS Pharma.
Coppell, TX-based ZS Pharma is a specialty pharmaceutical company.