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Ocata Therapeutics Secures $10MM From Silicon Valley Bank

August 20, 2015, 07:15 AM
Filed Under: Biotechnology

Ocata Therapeutics, Inc. has entered into a secured term loan facility of up to $10 million with Silicon Valley Bank. Ocata received initial funding of $6 million and has a conditional option to receive an additional $4 million upon the successful completion of certain clinical and corporate milestones. Ocata intends to use the proceeds for general corporate purposes including the initiation of the Phase 2 dry age-related macular degeneration (AMD) and pivotal Stargardt’s macular degeneration (SMD) clinical studies and the advancement of its promising pre-clinical programs.
“We are pleased to secure this additional, non-dilutive financing from a leading debt lender, with a history of supporting emerging biotechnology companies,” said Ted Myles, Chief Financial Officer and Chief Operating Officer. “The addition of this debt facility to the proceeds from our recently completed equity offering provides us with additional flexibility as we initiate our dry AMD Phase 2 safety trial, planned for this quarter and our SMD pivotal study, planned for the fourth quarter of this year.”

Katherine Andersen, Managing Director of Silicon Valley Bank commented, “We are pleased to partner with the Ocata Therapeutics team, which is driving important medical advancements to treat vision loss. Our aim is to provide Ocata with the right financing and global services as the company continues to advance its exciting programs.”

Ocata Therapeutics, Inc. is a clinical stage biotechnology company focused on the development and commercialization of regenerative ophthalmology therapeutics.

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