Oxford, Horizon Provides $9.3MM Financing to Tranzyme Pharma
Tranzyme Pharma announced that it received an additional net $9.3 million in term loan proceeds through an amendment and restatement of its existing debt financing facility with Oxford Finance and Horizon Technology Finance Corporation.
“We expect to file the NDA for our intravenous drug, ulimorelin, during Q4 2012, and have top-line Phase 2b data for our oral drug, TZP-102, by the end of 2012,” said Vipin K. Garg, Ph.D., president and CEO of Tranzyme. “Based on our current operating plan, we anticipate this financing will extend our cash runway into Q4 2013, and provide us additional flexibility to meet our strategic objectives.”
After using a portion of the new proceeds to pay off a portion of the company’s existing debt, the company has $20 million in outstanding debt. The terms of the amended notes provide that the company will pay interest only through February 2013.
Tranzyme Pharma is a late-stage biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of upper gastrointestinal (GI) motility disorders.
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide.
Horizon Technology Finance Corporation provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries.