Alladapt Immunotherapeutics, a private, clinical-stage biopharmaceutical company developing prescription therapeutics to address IgE-mediated food allergy, entered into a term loan agreement for up to $50 million with Hercules Capital. The capital will be used to further support the clinical development of Alladapt’s lead asset ADP101 through initiation of a potential Phase 3 pivotal trial, as well as the completion of its manufacturing facility intended for late-stage clinical supply of ADP101 and potential commercial product.
“Securing non-dilutive capital from Hercules provides Alladapt with the financial resources to advance toward our ultimate goal of commercializing a first-in-class oral immunotherapeutic for food allergy patients,” Glenn Reicin, CFO of Alladapt, said. “In conjunction with the close of our recent equity raise, this non-dilutive capital extends our cash runway into 2024 and optimizes our ability to execute on our strategic priorities – which includes reporting data from our Harmony study and determining the best approach to maximize value for our shareholders.”
“Hercules is proud to partner with Alladapt as the company pursues its mission to redefine the treatment landscape for food allergies,” Cristy Barnes, managing director at Hercules Capital, said.
“We look forward to supporting Alladapt’s team as they continue to advance ADP101 through further clinical trials and potentially commercialization,” Himani Bhalla, managing director at Hercules Capital, said.
Armentum Partners served as financial advisor to Alladapt on the transaction.