Omeros completed the initial funding under its senior secured credit facility with affiliates of CRG, a healthcare-focused investment firm, consisting of an $80 million term loan.

The company used approximately $76 million of the loan proceeds to repay its obligations under its previous credit facility and the remaining net proceeds will be used for general corporate purposes and working capital.

With more favorable overall financial terms than the company’s previous credit facility, the CRG secured credit facility has a six-year term with at least four years of interest-only payments, which can be extended to maturity by meeting one of two pre-specified milestones. The restricted cash covenants of the new credit facility are significantly reduced from those of the previous facility, with Omeros now required to maintain no more than $5 million in cash and cash equivalents during the full term of the facility.

With its initial draw of the CRG loan, together with funds on hand and current annualized OMIDRIA revenues and expenses, Omeros anticipates that it has at least 12 months of operating capital. By satisfying either revenue or market capitalization milestones, Omeros also has the option of drawing up to an additional $25 million through September 19, 2017 and up to an additional $20 million through March 21, 2018.

Omeros is a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics.