Locus Biosciences, a clinical-stage biotechnology company developing a new class of precision engineered bacteriophage treatments for bacterial and inflammatory diseases, entered a credit facility of up to $25 million with Hercules Capital, a specialty financing lender for life science and technology companies. The funds under the facility will be available in tranches upon the achievement of specific clinical and business milestones.
Through its bacteriophage discovery, synthetic biology and manufacturing platform, Locus is developing two categories of biotherapeutics: precision products to fight deadly infections, including those caused by multi-drug resistant bacteria, and engineered bacteriophage therapies that utilize bacteria resident in the body to deliver therapeutic molecules.
“This agreement with leading biotech lender Hercules underscores the potential of the Locus platform,” Paul Garofolo, co-founder and CEO of Locus Biosciences, said. “It also provides access to valuable growth capital that supports the expansion of our discovery platform engine and in-house manufacturing capacity.”
“With a promising bacteriophage discovery platform combined with a strong network of value-adding partnerships, Locus has created a solid operational foundation from which to grow,” Bryan Jadot, senior managing director and group head for life sciences at Hercules Capital, said. “Hercules is pleased to enter into this strategic relationship with Locus to support its push to fundamentally change the way bacteria-related diseases are treated.”