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Oxford Finance, East West Bank Increase Omeros Credit Facility by $20MM

May 18, 2016, 07:59 AM
Filed Under: Pharmaceuticals

Omeros Corporation announced that it has entered into an amendment to its existing credit facility with Oxford Finance LLC and East West Bank to provide the company with an additional $20 million in unrestricted cash by funding the remaining tranches of the facility. Omeros will issue warrants to the lenders, exercisable for seven years for up to 100,602 shares of the company’s common stock at an exercise price per share of $9.94, the closing price of the Company’s stock on May 16, 2016. All loan payments will be interest-only until August 1, 2017. The final payment fee rate on the $20 million borrowed will increase from 5.25% to 6.25%, reflecting the accelerated draw-down of these additional funds. Omeros expects funding will occur on May 18, 2016.

“We are pleased to provide additional funds to Omeros,” said Christopher A Herr, senior managing director at Oxford Finance. “Our partnership with Omeros is long-standing, and we are confident in the Company’s ability to achieve success with its first product, OMIDRIA®, and bring additional therapies to market that will address significant unmet needs.”

“We appreciate our partners, Oxford and East West, funding the two additional $10-million tranches,” stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “Together with growing OMIDRIA® sales, the amount provided will support further development of our pipeline.”

Omeros is a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system.

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