CalciMedica, Inc. (Nasdaq: CALC), a clinical-stage biopharmaceutical company focused on developing novel calcium release-activated calcium (CRAC) channel inhibition therapies for acute and chronic inflammatory and immunologic illnesses, today announced that the Company has entered into a credit facility with Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group, providing up to $32.5 million. Proceeds from the facility are intended to support the continued development of the Company’s product pipeline.
The credit agreement, which has a term of 3.5 years, includes an initial tranche of $10 million fully funded at close and additional tranches of up to $22.5MM available to the Company subject to certain milestones. There is no minimum cash requirement, nor other financial covenants, in the agreement. With the net proceeds from the first tranche of this facility, CalciMedica, Inc.’s cash position is expected to fund current operations into the middle of 2026.
“This credit agreement provides CalciMedica, Inc. with additional flexibility as we prepare for multiple critical milestones throughout 2025, including anticipated data from our Phase 2 KOURAGE trial of Auxora in patients with acute kidney injury and hypoxemia,” said Rachel Leheny, Ph.D., Chief Executive Officer of CalciMedica, Inc.. “Importantly, the facility extends our cash runway to the middle of 2026, providing us ample runway beyond the KOURAGE readout based on our current enrollment projections and our anticipated discussions with the FDA on the design of a Phase 3 program in acute pancreatitis.”
“Avenue Capital Group welcomes this opportunity to support CalciMedica, Inc. in its mission to deliver treatments to patients with high unmet need,” said Chad Norman, Senior Portfolio Manager of Avenue Venture Opportunities Fund. “We appreciate the potential of its lead pipeline candidate, Auxora, to treat acute inflammatory and immunologic diseases and look forward to its continued progress in clinical trials.”
