Sight Sciences, an eyecare technology company, closed a senior secured credit facility of up to $65 million with Hercules Capital. The transaction included the immediate draw of $35 million, the net proceeds of which Sight Sciences used to pay off the principal amount of the company’s indebtedness to its previous secured lender. The credit facility is secured by substantially all of the company’s assets.
“This new facility further strengthens our balance sheet and enhances our ability to execute our strategic plan,” Ali Bauerlein, CFO of Sight Sciences, said. “We are excited to partner with the Hercules team and are pleased to extend our cash runway and expand financial flexibility through the support and confidence of a leading growth medtech lender like Hercules. We feel Hercules is an ideal partner for us moving forward as we scale our business over the coming years.”
“This capital commitment from Hercules aims to help Sight Sciences deliver on its important mission to transform the treatment of eye diseases by treating the underlying causes,” Lake McGuire, managing director at Hercules Capital, said. “We are proud to partner with the Sight Sciences team and provide them with improved financial flexibility.”
Key Credit Facility Terms
- $35 million funded at loan closing, with up to an additional $30 million potentially available (subject to certain conditions as described in the credit agreements)
- 54-month maturity, with interest-only period of 30 months, which can be extended to 36 months subject to achievement of certain performance milestones