Omeros Corporation has closed a $70 million non-dilutive senior credit facility with Oxford Finance and East West Bank. The credit facility consists of a $50 million term loan drawn by the company at closing and the ability, subject to the satisfaction of certain conditions, to access up to an additional $20 million in two tranches until June 30, 2017.

The credit facility requires interest-only payments through July 2017. The company used a portion of the loan proceeds to repay its obligations under its prior loan and security agreement with Oxford Finance and MidCap Financial.

“Our new credit facility with Oxford and East West provides us with access to up to $70 million of non-dilutive funding and strengthens our financial flexibility,” stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros.

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