AmplifyBio augmented its balance sheet with non-dilutive debt financing, whereby it may borrow a principal amount of up to $50 million from Hercules Capital. The move allows AmplifyBio to continue investing in its strategic plan, including the rapid growth of sites, technology and service offerings planned for the coming 18 to 24 months.
“The newly obtained funding that further bolsters our strong balance sheet will augment the ongoing platform development initiatives at the South San Francisco and the Ohio sites. In both places, we are adding service capabilities focused on the characterization that is essential for better understanding the safety and efficacy of next-generation therapeutics. These funds will allow us to securely accelerate our business plan to deliver services that employ a technology and partnership-integrated sandbox approach to next-generation development,” J. Kelly Ganjei, CEO of AmplifyBio, said.
“Hercules is proud to partner with AmplifyBio and support its mission of creating next-generation platforms, tools, and services to amplify and accelerate the development of new therapies and vaccines,” Bryan Jadot, senior managing director and life sciences group head at Hercules Capital, said. “This substantial capital commitment from Hercules aims to help AmplifyBio achieve its growth objectives and to continue to advance its capabilities.”