scPharmaceuticals completed a new $20 million term loan with Solar Capital and Silicon Valley Bank.
The proceeds from the loan will be used to pay off the existing $1 million term loan along with related fees and expenses, and to provide additional working capital for general corporate purposes. The restated and amended agreement extends the term of the credit facility until September 17, 2023 and permits the company to make interest-only payments until October 1, 2021.
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“We continue to make excellent progress advancing the FUROSCIX program in preparation for the resubmission of the new drug application,” said John Tucker, president and chief executive officer of scPharmaceuticals. “Additionally, as we look forward towards our longer-term funding needs, we are pleased to announce the closing of a new $20 million term loan agreement. With a strong cash position already in place, the access to the additional capital from the new term loan further strengthens our financial flexibility as we approach key regulatory and commercial milestones.”
FUROSCIX is scPharmaceuticals’ lead program for the treatment of congestion in patients with heart failure.
