Oxford, MidCap Close $32MM Omeros Facility
Omeros Corp. announced that it closed a senior credit facility with Oxford Finance and MidCap Financial. The new credit facility consists of a $32 million term loan, which requires interest-only payments through March 2015. Thereafter, monthly principal and interest payments will be due through the March 2018 maturity date.
A portion of the loan proceeds will be used to repay obligations under a prior loan and security agreement with Oxford Finance and affiliates, and the remaining net proceeds of approximately $12.6 million will be used for general corporate purposes and working capital.
“This financing further strengthens our balance sheet at an attractive cost of capital,” stated Gregory A. Demopulos, MD, chairman and CEO of Omeros. “We are pleased to extend our partnership with Oxford and to initiate a relationship with MidCap as we continue preparing for the planned U.S. commercial launch of Omidria in the second half of 2014, expanding our clinical programs and advancing our preclinical pipeline.”
“Omeros has an impressive pipeline of product candidates to treat inflammation, coagulopathies and central nervous system disorders,” said Christopher A. Herr, managing director for Oxford Finance. “We value our business relationship with Omeros, and we are pleased to provide additional capital to support the company’s growth and the launch of its lead product, Omidria.”
Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics targeting inflammation, coagulopathies and disorders of the central nervous system.