Inhibrx Biosciences, a biopharmaceutical company with two programs in ongoing clinical trials, entered into a loan and security agreement with Oxford Finance, pursuant to which the lenders provided a five-year term loan facility for up to $150 million.
“This enables us strategic flexibility post data readouts expected later this year for our INBRX-109 and INBRX-106 programs,” Kelly Deck, chief financial officer of Inhibrx, said. “Oxford has been a great partner to Inhibrx throughout its evolution as a company and we are pleased to continue the relationship.”
“We are proud to further our long-standing partnership with Inhibrx,” Christopher Herr, senior managing director at Oxford, said. “The INBRX-109 and INBRX-106 programs have shown highly promising clinical results, and we look forward to supporting Inhibrx as it advances its pipeline and further develops these innovative therapies.”
The credit facility closed on Jan. 13, 2025. Pursuant to the LSA, the company received an initial term loan of $100 million funded on the closing date. An additional $50 million may be made available at the company’s request and subject to the lenders’ discretion. The repayment schedule provides for interest-only payments until March 2028. As part of the agreement, Inhibrx also issued to the lenders warrants to purchase an aggregate of 140,741 shares of Inhibrx’s common stock, which is equal to 2% of the value of the initial term loan divided by a strike price of $14.21 per share. Additional warrants will become issuable in connection with any additional funding by the lenders.
