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Oxford Finance Provides $30MM to Regulus Therapeutics

June 20, 2016, 07:52 AM
Filed Under: Pharmaceuticals

Regulus Therapeutics Inc., a biopharmaceutical company leading the discovery and development of innovative medicines targeting microRNAs, announced it has entered into a $30 million loan and security agreement with Oxford Finance. Proceeds from the loan will be used to provide additional working capital for the advancement of its clinical and pre-clinical development pipeline.

"Access to this non-dilutive capital provides us with significant additional financial resources to advance our clinical development programs, and importantly, extends our cash runway into 2018," said Paul Grint, M.D., Chief Executive Officer of Regulus Therapeutics.  "We are pleased with the terms of the loan and the flexibility it offers us as we look to generate important new clinical data from our pipeline."

"Oxford is pleased to provide working capital to support Regulus Therapeutics' microRNA product development initiatives," said Christopher A. Herr, Senior Managing Director at Oxford Finance.  "We look forward to following Regulus' pipeline progression, and we believe it is on track to deliver several valuable new treatments for a wide range of critical diseases."

Regulus will receive $20 million after execution of the loan agreement, which will further support the acceleration of its broad Phase II clinical program for RG-101.  Under the terms of the agreement, an additional $10 million tranche will be available to Regulus, subject to the achievement of certain specified milestones.  The credit facility, which matures on June 1, 2020, provides for interest-only payments for the first 24 months of the term, and will bear interest at a rate equal to the sum of 8.51% plus the greater of 0.44% or the three month LIBOR rate.

Regulus Therapeutics a biopharmaceutical company leading the discovery and development of innovative medicines targeting microRNAs.  Regulus has leveraged its oligonucleotide drug discovery and development expertise to develop a well-balanced microRNA therapeutics pipeline complemented by a maturing microMarkersSM biomarkers platform and a rich intellectual property estate to retain its leadership in the microRNA field.

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide.  For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. 

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