Silicon Valley Bank announced it entered into a secured term loan facility of up to $10 million with Ocata Therapeutics. Ocata received initial funding of $6 million and has a conditional option to receive an additional $4 million upon the successful completion of certain clinical and corporate milestones.

Ocata intends to use the proceeds for general corporate purposes, including the initiation of the Phase 2 dry age-related macular degeneration and Stargardt’s macular degeneration clinical studies, and the advancement of its promising pre-clinical programs.

“We are pleased to secure this additional, non-dilutive financing from a leading debt lender, with a history of supporting emerging biotechnology companies,” said Ted Myles, chief financial officer and chief operating officer.

Katherine Andersen, managing director of Silicon Valley Bank, commented, “We are pleased to partner with the Ocata Therapeutics team, which is driving important medical advancements to treat vision loss. Our aim is to provide Ocata with the right financing and global services as the company continues to advance its exciting programs.”

Ocata Therapeutics is a clinical stage biotechnology company focused on the development and commercialization of regenerative ophthalmology therapeutics.