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Oxford Finance, Silicon Valley Bank Provide $50MM Debt Financing to Impel NeuroPharma

July 08, 2021, 07:50 AM
Filed Under: Pharmaceuticals

Impel NeuroPharma closed a $50 million debt facility with Oxford Finance and Silicon Valley Bank, of which the first $20 million was funded at closing.

“This strategic debt financing, coupled with our current cash, increases our balance sheet strength and firmly positions us to execute upon the potential launch and commercialization of TRUDHESA™ for the treatment of patients with acute migraine,” said Adrian Adams, chairman and chief executive officer of Impel NeuroPharma. “The TRUDHESA NDA was accepted for review by the U.S. Food and Drug Administration in January of this year and has a Prescription Drug User Fee Act target action date of September 6, 2021.”

The initial $20 million tranche extends Impel’s expected cash runway through the 4th quarter of 2022. Under the terms of the debt facility, the second $10 million tranche is available through September 30, 2021 upon the approval of TRUDHESA™. The third $20 million tranche is available through December 31, 2022, upon the achievement of certain revenue milestones and other specified conditions. The debt facility will mature on July 1, 2026 and requires interest only payments until September 1, 2023, subject to potential extension with achievement of certain revenue milestones.

“Oxford and SVB are pleased to provide Impel with access to this growth capital term loan facility as the Company prepares to commercially launch TRUDHESA™ and continues to develop its proprietary POD® technology, which has demonstrated successful results in multiple clinical trials to date,” said Christopher Herr, Senior Managing Director at Oxford.

Cowen acted as the Company’s sole financial adviser in connection with the debt facility.

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