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MidCap Financial, BioCryst Close $23MM Senior Credit Facility

September 26, 2016, 08:11 AM
Filed Under: Pharmaceuticals

BioCryst Pharmaceuticals, Inc. has closed a $23 million senior credit facility with MidCap Financial. The facility was fully funded at closing and bears a variable interest rate based upon LIBOR, currently at 8.5%; an interest-only period through fiscal 2017; and scheduled principal and interest payments for the following 40 months. The Company has the option to repay the facility at any time prior to the scheduled principal repayment schedule.  

“The proceeds from this facility extend our cash runway into the first quarter of 2018 and provide non-dilutive capital to fund our rare disease development programs, while enabling us to maintain a twelve-month cash runway subsequent to the expected timing of APEX-1 results,” said Jon P. Stonehouse, President & Chief Executive Officer. “We expect the facility to be repaid from RAPIVAB®-related approval milestones associated with our Seqirus licensing agreement and revenue from the replenishment of the U.S. Government national stockpiling of RAPIVAB.”

BioCryst Pharmaceuticals designs, optimizes and develops novel small molecule drugs that block key enzymes involved in rare diseases. BioCryst currently has several ongoing development programs: BCX7353 and second generation oral inhibitors of plasma kallikrein for hereditary angioedema, and BCX4430, a broad spectrum viral RNA polymerase inhibitor that is a potential treatment for filoviruses. RAPIVAB® (peramivir injection), a viral neuraminidase inhibitor for the treatment of influenza is BioCryst’s first approved product and is currently marketed in the U.S., Japan, Taiwan and Korea. Post-marketing commitment development activities are ongoing, as well as activities to support regulatory approvals in other territories.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries. The firm's years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial's debt solutions focus in five areas: general and healthcare asset-based working capital loans collateralized by third-party accounts receivable and other assets; leveraged loans to companies backed by private equity sponsors; life sciences loans to venture capital-backed and public pharmaceutical, biotech, and medical device companies; real estate loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties; and lender finance term loans or revolvers provided across the consumer and commercial finance sectors.

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