Affiliates of investment firm CRG amended the credit facility for Omeros, a biopharmaceutical company focused on small-molecule and protein therapeutics. The amendment allows Omeros to borrow up to an additional $45 million on or before May 20, 2018 at its sole discretion, subject to customary closing conditions.

With the year beginning on January 1, 2018, the amendment stipulates that Omeros has met the financial covenants requiring the company to achieve a minimum net revenue or market capitalization amount. The net revenue and market capitalization covenants will continue to apply for 2019 and subsequent years, but the minimum market capitalization threshold for future periods will be reduced from 6.4x to 3.0x the aggregate principal amount of loans outstanding (excluding any payment-in-kind loans).

In connection with the execution of the amendment, Omeros will issue warrants to the lenders, exercisable for five years for up to 200,000 shares of the company’s common stock at an exercise price of $23.00 per share, which represents an approximately 70% premium to the closing price of the company’s common stock on April 6, 2018.

“CRG believes in Omeros’ direction, its potential and its management’s proven ability to deliver,” said Luke Duster, managing director of CRG. “With the recent extension of CMS pass-through status for OMIDRIA restoring access to this important product for Medicare beneficiaries, we expect that utilization of the product will quickly return to prior growth rates. In addition, OMS721 leads an exciting pipeline toward additional commercial opportunities in the future. We clearly support Omeros’ continued success.”