Tricida has entered into a USD100 million venture debt facility with Hercules Capital, a specialist in customising debt financing for companies in the life sciences and technology-related markets.
“This financing provides Tricida with significant financial flexibility as we continue the development of TRC101 for the treatment of metabolic acidosis in chronic kidney disease patients,” says Geoff Parker, chief financial officer of Tricida. “We are pleased to be working with the Hercules team which has a long history of supporting innovative life science companies.”
“Hercules is pleased to enter into this financing partnership with Tricida at this important stage as it continues to advance its lead investigational drug candidate targeting patients with a significant unmet medical need,” says Scott Bluestein, chief investment officer of Hercules. “This investment in Tricida provides another example of our ability to finance life sciences companies through multiple stages of development and through various value inflection points and we are excited to be partnering with the Tricida management team.”
Tricida drew down USD25 million from the venture debt facility at closing. An additional USD50 million will be available for drawdown subject to the achievement of future milestones. The remaining USD25 million will be available for drawdown subject to approval by Hercules.
Armentum Partners acted as financial advisor to Tricida for the debt transaction. Sidley Austin LLP acted as legal advisor to Tricida.
