Codexis, a provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, entered into a $60 million senior secured term loan agreement with Trinity Capital, a provider of flexible capital solutions for life sciences and healthcare industries. The company used the proceeds of the first tranche of this transaction to retire the debt that was held by Innovatus Life Sciences Lending Fund I, which would have begun amortizing in March 2027. Post-closing, the company has a total of $42.5 million in outstanding debt. The Trinity term loan provides for 48 months of interest-only payments followed by a 12-month amortization period beginning November 2030.
“We are pleased to enter into this partnership with Trinity Capital, as this refinancing enhances our financial position as we look ahead to executing on our upcoming key milestones,” Georgia Erbez, chief financial officer and chief business officer of Codexis, said. “The new facility provides us with flexibility in our capital structure to advance many of our growth initiatives in the siRNA therapeutic sector. Industrializing our ECO Synthesis platform is a primary objective, and achieving important milestones in both GMP manufacturing and scale-up of oligonucleotide synthesis underpins the expansion of our position and influence in the industry.”
Rob Lake, senior managing director, healthcare and life sciences at Trinity Capital, added, “Providing growth capital to innovative companies operating in attractive, high-growth markets is a core focus of Trinity Capital’s business strategy. We are excited to work with Codexis in support of their vision to prove and industrialize the siRNA manufacturing process with their ECO Synthesis Manufacturing Platform and are pleased to facilitate Codexis’s continued development.”
