Oxford Finance closed a $125 million senior secured term loan with Kala Pharmaceuticals, a biopharmaceutical company focused on the discovery, development and commercialization of therapies for eye diseases.
Kala Pharmaceuticals will use proceeds from the transaction to refinance existing indebtedness and provide additional growth capital for the marketing of its two approved ophthalmic products.
Kala Pharmaceuticals is marketing two approved ophthalmology products: EYSUVIS and INVELTYS. EYSUVIS is used for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease. INVELTYS is used for the treatment of post-operative inflammation and pain following ocular surgery. The company developed both products utilizing its proprietary AMPPLIFY technology platform, which creates mucus penetrating particles to enhance the delivery profile of loteprednol etabonate, the active pharmaceutical ingredient in each product.
“Kala’s commercial product, EYSUVIS, is the only FDA-approved product to treat the acute flare-ups associated with dry eye disease,” Christopher A. Herr, senior managing director at Oxford Finance, said. “Approximately 80% of people living with dry eye disease suffer from these episodic flares. Oxford is proud to support a company that has developed a novel method to address significant unmet medical needs.”
