VBI Vaccines, a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, entered into a refinanced and upsized debt facility of up to $100 million with its existing lender, K2 HealthVentures (K2HV), a healthcare-focused specialty finance company.
Under the terms of the agreement, $50 million is immediately available to VBI upon closing, comprised of $30 million to refinance the outstanding facility the company held with K2HV, and an incremental $20 million of non-dilutive funding. Future tranches of up to $25 million are committed and will be made available to VBI upon the achievement of certain clinical and financial milestones, and a further tranche of $25 million is available at the discretion of K2HV.
“Through our successful partnership with K2HV, this refinancing and access to additional capital further enables important financial flexibility as we continue our commercial launch of PreHevbrio and advance our prophylactic and therapeutic vaccine pipeline,” Jeff Baxter, president and CEO of VBI, said. “The K2HV team has proven to have a deep understanding of our business and the science driving VBI, and we are grateful for their support of and investment in VBI’s future.”
“We are pleased to be able to maintain and increase our support of VBI’s commercialization and pipeline development efforts, and we look forward to continuing to work with the VBI team in their mission to address significant unmet needs in infectious disease and oncology,” Anup Arora, founding managing director and chief investment officer of K2HV, said.
