Ocugen, a biotechnology company focused on discovering, developing and commercializing novel gene and cell therapies, biologics and vaccines, entered into a new $30 million credit facility with Avenue Venture Opportunities Fund, a fund of Avenue Capital Group. Proceeds from the facility are intended for general corporate purposes, capital expenditures, working capital and general and administrative expenses. The credit facility, which has a term of four years, provided $30 million fully funded on the closing date.
“We are pleased to enter into this relationship with Avenue Capital Group that provides what we believe is a shareholder-friendly financing for the company,” Shankar Musunuri, chairman, CEO and co-founder of Ocugen, said. “This additional working capital will support the clinical development of our three, first-in-class modifier gene therapies and provide adequate funding to near completion of the OCU400 Phase 3 liMeliGhT clinical trial and prepare for the BLA and MAA submissions.”
“We are pleased to partner with Ocugen with this financing as the company drives its next chapter of growth, based on its novel scientific platforms and dedication to fighting blindness diseases,” Chad Norman, senior portfolio manager of Avenue Capital, said.
Chardan and Titan Partners Group, a division of American Capital Partners, acted as financial advisors to Ocugen on the transaction.
