Impel NeuroPharma, a late-stage biopharmaceutical company focused on the development and commercialization of therapies for patients living with central nervous system (CNS) diseases with high unmet medical needs, closed a $50 million debt facility with Oxford Finance and Silicon Valley Bank. The first $20 million of the facility was funded at closing.
“This strategic debt financing, coupled with our current cash, increases our balance sheet strength and firmly positions us to execute upon the potential launch and commercialization of TRUDHESA for the treatment of patients with acute migraine,” Adrian Adams, chairman and CEO of Impel NeuroPharma, said. “The TRUDHESA NDA was accepted for review by the U.S. Food and Drug Administration in January of this year and has a Prescription Drug User Fee Act target action date of Sept. 6, 2021.”
The initial $20 million tranche extends Impel’s expected cash runway through Q4/22. Under the terms of the debt facility, the second $10 million tranche is available through Sept. 30, 2021, upon the approval of TRUDHESA. The third $20 million tranche is available through Dec. 31, 2022, upon the achievement of certain revenue milestones and other specified conditions. The debt facility will mature on July 1, 2026, and requires interest only payments until Sept. 1, 2023, subject to a potential extension with achievement of certain revenue milestones.
“Oxford and SVB are pleased to provide Impel with access to this growth capital term loan facility as the company prepares to commercially launch TRUDHESA and continues to develop its proprietary POD technology, which has demonstrated successful results in multiple clinical trials to date,” Christopher Herr, senior managing director at Oxford Finance, said.
Cowen acted as Impel’s sole financial adviser in connection with the debt facility.
