LogicBio Therapeutics closed a $20 million secured debt facility with Oxford Finance and Horizon Technology Finance.
LogicBio’s current cash and cash equivalents, including the $10 million of loan proceeds received are projected to fund the company’s planned operations into 2021.
“Securing this funding bolsters LogicBio’s financial position as it provides us with additional capital to continue to advance GeneRide, our proprietary promoterless, nuclease-free genome editing platform being developed to durably treat rare, genetic diseases in pediatric patients,” said Fred Chereau, CEO of LogicBio.
Under the terms of the new financing agreement, Oxford Finance and Horizon Technology Finance will provide LogicBio with up to $20 million of borrowing capacity available in two equal tranches: $10 million at closing and $10 million following the enrollment of the first patient in the company’s Phase I/II clinical trial of LB-001 for the treatment of methylmalonic acidemia (MMA), with the second tranche available for 30 days following such enrollment but no later than September 30, 2020, subject to certain conditions, including the absence of an event of default under the loan agreement.
LogicBio is only required to make interest-only payments on a monthly basis through June 2021. The entire senior debt facility will mature on June 1, 2024. Further information with respect to the credit facility is set forth in
LogicBio Therapeutics is a genome editing company focused on developing medicines to durably treat rare diseases in pediatric patients with significant unmet medical needs using GeneRide, its proprietary technology platform.
