Cerus announced it entered into a $30 million growth capital credit facility with Oxford Finance. Cerus received an immediate $10 million loan at closing on June 30, 2014. The company has the option to draw another $10 million upon approval of its U.S. Premarket Approval (PMA) submissions for the INTERCEPT Blood System for either platelets or plasma. The approval also triggers a third $10 million tranche which is available at the company’s option between July 1, 2015 and December 31, 2015, subject to achievement of certain specified consolidated revenue milestones.
“We are pleased to be working with Oxford again. Their understanding of our business and shared beliefs in the benefits of INTERCEPT make this a strong partnership,” said Kevin D. Green, VP, finance and CFO of Cerus. “This non-dilutive facility and the access to significant capital in a phased approach provides us with the flexibility and resources to execute the activities necessary for a successful and aggressive North American launch, as well as supporting further expansion of INTERCEPT’s global commercial markets.
“We are excited to partner with Cerus in support of its North American expansion and its growing INTERCEPT revenue base,” said Christopher A. Herr, managing director for Oxford Finance. “Our shared vision for improved patient care, along with Cerus’ committed management team and leading technology presents an excellent lending opportunity for us.”
Cerus is a biomedical products company focused in the field of blood safety.