Rocket Pharmaceuticals, a fully integrated, commercial-stage biotechnology company advancing genetic medicines for rare and life-threatening diseases, focused on inherited cardiovascular disorders, entered into a credit facility agreement with Hercules Capital for up to $150 million. The facility strengthens Rocket’s financial position and provides access to additional capital to support execution of its pivotal Phase 2 study of RP-A501 for Danon disease and continued advancement of its broader cardiovascular pipeline.
“Building on the sale of our priority review voucher, this financing diversifies our sources of capital and strengthens our ability to execute and deliver on our cardiovascular strategy,” Gaurav Shah, CEO of Rocket Pharmaceuticals, said. “The staged structure provides flexibility to align additional funding with progress across our programs. We remain focused on allocating capital thoughtfully, executing the pivotal Danon study and advancing genetic medicines for patients with serious inherited heart diseases”
R. Bryan Jadot, senior managing director and group head of life sciences at Hercules Capital, added, “Rocket is advancing toward important milestones across its cardiovascular pipeline, led by the pivotal Danon program. We are pleased to provide a flexible financing solution that supports the company’s development priorities. We look forward to working alongside Rocket as it builds on its expertise in cardiovascular genetic medicines.”
Under the agreement, Rocket received $35 million at closing and may draw an additional $35 million at its option during specified periods, subject to the terms and conditions of the agreement. An additional $30 million may become available upon achievement of a specified Danon clinical milestone, and an additional $50 million is subject to Hercules’ investment committee approval. The facility has an initial 30-month interest-only period and a 48-month maturity, with extensions available upon achievement of specified milestones. The financing also includes warrants to purchase shares of Rocket’s common stock.
LifeSci Capital served as financial advisor to Rocket on the term loan financing. PJT served as a capital markets advisor to Rocket.
