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Silicon Valley Bank Provides $40MM Credit Facility to Aspen Neuroscience

December 22, 2022, 07:34 AM
Filed Under: Biotechnology

Aspen Neuroscience, a private biotechnology company developing autologous cell therapies including the first iPSC-derived autologous neuron replacement treatment for Parkinson's disease (PD), signed a $40 million credit facility with Silicon Valley Bank (SVB). Deal terms were not disclosed.

"We are pleased to work with Silicon Valley Bank. As a leader in autologous cell therapy, Aspen lives at the intersection of tech and biology, and SVB is a premier strategic partner in both spaces," said Kameel Farag, Chief Financial Officer of Aspen Neuroscience. "This non-dilutive financing complements our Series B round from earlier in the year and provides significant financial flexibility on top of our already strong balance sheet."

The San Diego-based company has recently announced the achievement of key pre-clinical and corporate milestones, including raising $147.5 million in Series B financing to support the planned studies of the company's lead product candidate for Parkinson's Disease, ANPD001: a first-in-kind iPSC based autologous cell therapy. The company also recently announced the start of its trial ready patient screening cohort study for ANPD001.

"Aspen Neuroscience is pioneering important advancements in the use of bioinformatics-based artificial intelligence to drive autologous cell therapy development," said Michael White, Managing Director at Silicon Valley Bank. "We're pleased to expand our relationship with the Aspen Neuro team and support them as they continue to scale and grow."

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