Daily News: September 11, 2019

Oxford, SVB Expand Xeris Pharmaceuticals Facility to $85MM


Xeris Pharmaceuticals amended its loan and security agreement with Oxford Finance and Silicon Valley Bank, increasing the borrowing base from $45 million to up to $85 million.

The amendment extends the maturity date of the debt to as late as June 2024, if the second tranche is drawn.

“We are pleased to expand and extend our financing partnership with Oxford and SVB at this important stage of our company as we prepare to launch our first commercial product later this year. The expanded debt facility provides Xeris with greater financial flexibility and additional access to capital as we continue to leverage our technology and advance our pipeline,” said Paul R. Edick, chairman and CEO of Xeris.

Under the terms of the debt facility, $60 million will be drawn at the initial funding date, and additional tranches of $15 million and $10 million are available for drawdown prior to March 31, 2021 and June 30, 2021, respectively, contingent on achieving certain revenue targets. The amended facility replaces the previous $45 million facility, of which $35 million has been drawn to date.

If the second tranche of $15 million is drawn, the facility’s interest only period would be through December 31, 2021, and if the third tranche of $10 million is drawn, the facility’s interest only period would be through September 30, 2022; otherwise the facility is interest only through March 31, 2021. The final maturity date of the debt facility is initially June 1, 2023 and may be extended to June 1, 2024 if the second tranche is drawn.

Xeris is a specialty pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use, room-temperature stable injectable and infusible drug formulations.