Daily News: January 2, 2019

SVB, MidCap Financial Provide $25MM Term Loan to Ocular Therapeutix


MidCap Financial and Silicon Valley Bank provided a new $25 million term loan to Ocular Therapeutix, a biopharmaceutical company focused on the formulation, development and commercialization of innovative therapies for diseases and conditions of the eye.

The 5-year term loan expands the company’s prior $18 million credit facility, all of which was drawn at closing.

The proceeds from the loan were used to repay the approximately $12.3 million remaining balance under the prior facility, provide an additional $12 million of new funds, net of expenses and fees and refinance Ocular’s existing debt.

The new agreement extends the term of the facility until December 21, 2023 and permits the company to make interest-only payments until January 1, 2021.

“We are pleased with the expansion and extension of our credit facility which not only strengthens our balance sheet with net new funds of $12 million but improves near term cash flow through interest-only payments for the next 24 months, collectively extending the company’s cash runway into the third quarter of 2019,” said Donald Notman, Ocular chief financial officer.