Codexis announced Nov. 10 that it entered into a $60 million senior secured term loan agreement with Trinity Capital.
Codexis, a provider of enzymatic solutions for therapeutics manufacturing, used the proceeds of the loan’s first tranche to retire debt held by Innovatus Life Sciences Lending Fund I, LP, which would have begun amortizing in March 2027. After the closing, Codexis had $42.5 million in outstanding debt. Trinity Capital provides capital solutions to the life sciences and healthcare industries.
The Trinity term loan provides for 48 months of interest-only payments, followed by a 12-month amortization period beginning in November 2030.
“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 at 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.”
Rob Lake, senior managing director of healthcare and life sciences at Trinity Capital, said the firm will work with Codexis in support of its “vision to prove and industrialize the siRNA manufacturing process with their ECO Synthesis Manufacturing Platform.”
Codexis will file the related loan and security agreement as an exhibit to a Form 8-K with the Securities and Exchange Commission.
