Tricida Announces $125 Million Debt Facility with Hercules Capital
“As we prepare to report the topline results from the VALOR-CKD renal outcomes trial this month, we want to ensure we are positioned both financially and strategically to move toward a potential NDA resubmission, potential FDA approval and subsequent commercialization of veverimer,” said
Under the terms of the debt facility,
Under the Loan Agreement, the loans bear interest at a floating per annum interest rate equal to the greater of either 8.75% or the lesser of 8.75% plus the prime rate as reported in The Wall Street Journal minus 6.25% and 10.25%.
The loan repayment schedule provides for interest only payments until
“Hercules is pleased to enter into this financing partnership with
For more information about
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements, including for example, statements concerning the Company’s plans and expectations for the estimated timing for receipt of top-line data from the VALOR-CKD trial and the potential for resubmission of an NDA for veverimer, the potential FDA approval of veverimer, if at all, the potential commercialization of veverimer, and as well as its expectations regarding future financial needs. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, without limitation, risks related to the ability of the VALOR-CKD trial to achieve its primary endpoint and for data from that trial to be sufficient to support NDA resubmission and/or approval; the time and cost necessary to obtain regulatory approvals for veverimer; Tricida’s ability to obtain approval for veverimer through the traditional approval process; the costs associated with the delays in regulatory approval and resubmission of Tricida’s NDA, and any increased costs associated with raising capital in light of such delays; and risks associated with the Company’s business prospects, financial results and business operations.
These and other factors that may affect the Company’s future results of operations are identified and described in more detail in our filings with the
Senior Vice President of Investor Relations and Communications