Inhibrx Biosciences, a clinical-stage biopharmaceutical company focused on developing novel biologic therapeutic candidates, entered into the second amendment to its loan and security agreement (LSA) with Oxford Finance, pursuant to which the lenders expanded the facility to an aggregate principal amount of up to $500 million.
The second amendment provides for an additional tranche, in an aggregate principal amount of up to $325 million in gross proceeds, (i) $100 million of which was funded upon execution of the second amendment (term C loan) and (ii) up to an additional $225 million of which may be funded in increments of $50 million or more upon the company’s request and at the lenders’ sole discretion (term D loan). Prior to the second amendment, the company had drawn $175.0 million under the credit facility.
In connection with the funding of the term C loan, the company issued to the lenders warrants to purchase 21,457 shares of the company’s common stock at a strike price of $93.21 per share, equal to 2% of the value of the term C loan. The term C warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance.
“We are pleased to expand our partnership with Oxford, which reflects their continued confidence in our clinical pipeline,” Kelly Deck, chief financial officer of Inhibrx, said. “We are very excited about the trajectory of ozekibart (INBRX-109) and INBRX-106 and this capital infusion allows us to maintain full momentum on the advancement of both programs as we await key upcoming data readouts.”
