Tricida entered into a $100 million venture debt facility with Hercules Capital.
“This financing provides Tricida with significant financial flexibility as we continue the development of TRC101 for the treatment of metabolic acidosis in chronic kidney disease patients,” said Geoff Parker, chief financial officer of Tricida. “We are pleased to be working with the Hercules team which has a long history of supporting innovative life science companies.”
Tricida drew down $25 million from the venture debt facility at closing. An additional $50 million will be available for drawdown subject to the achievement of future milestones. The remaining $25 million will be available for drawdown subject to approval by Hercules.
Armentum Partners acted as financial advisor to Tricida for the debt transaction. Sidley Austin acted as legal advisor to Tricida.
Tricida is a privately-held, late-stage pharmaceutical company focused on the development and commercialization of its lead product candidate, TRC101, a non-absorbed, orally dosed polymer drug designed to treat metabolic acidosis in patients with chronic kidney disease.
