Omeros has entered into an amendment to its existing credit facility with Oxford Finance and East West Bank. The banks will provide an additional $20 million in unrestricted cash by funding the remaining tranches of the existing facility.

Omeros will issue warrants to the lenders, exercisable for seven years for up to 100,602 shares of the company’s common stock at an exercise price per share of $9.94, the closing price of the company’s stock on May 16, 2016. All loan payments will be interest-only until August 1, 2017. The final payment fee rate on the $20 million borrowed will increase from 5.25% to 6.25%, reflecting the accelerated draw-down of these additional funds. Omeros expects funding will occur on May 18, 2016.

“We are pleased to provide additional funds to Omeros,” said Christopher A. Herr, senior managing director at Oxford Finance. “Our partnership with Omeros is long-standing, and we are confident in the company’s ability to achieve success with its first product, OMIDRIA, and bring additional therapies to market that will address significant unmet needs.”

Seattle-based Omeros is a biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market and orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system.

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide.