Aclaris Therapeutics Secures $11 Million Term Loan Facility
March 31 2020 - 3:01PM
Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a physician-led
biopharmaceutical company, today announced that it has entered into
a loan and security agreement with Silicon Valley Bank (“SVB”)
pursuant to which Aclaris has borrowed $11.0 million.
“This financing allows us to strengthen our financial position
by extending our cash runway and to continue to execute on our
refocused business strategy as planned,” said Dr. Neal Walker,
President and CEO of Aclaris. Aclaris believes the proceeds from
the loan, in combination with its existing cash, cash equivalents,
and marketable securities, will be sufficient to fund its
operations into the first quarter of 2022.
Terms of Financing
The term loan requires interest only payments beginning April 1,
2020 and continuing through March 1, 2022, followed by monthly
installments of principal, plus monthly payments of accrued
interest, starting on April 1, 2022 and continuing through March 1,
2024. The loan is secured by substantially all of Aclaris’
assets, other than intellectual property. In connection with
the term loan, Aclaris issued SVB a warrant to purchase up to
460,251 shares of Aclaris’ common stock at an initial exercise
price of $0.956 per share. The warrant became immediately
exercisable in full upon the funding of the loan. Other
material terms related to the term loan and the warrant can be
found in Aclaris’ Current Report on Form 8-K, which will be filed
with the U.S. Securities and Exchange Commission.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a physician-led
biopharmaceutical company committed to addressing the needs of
patients with immuno-inflammatory diseases who lack satisfactory
treatment options. The company has a multi-stage portfolio of drug
candidates powered by a robust R&D engine exploring protein
kinase regulation. For additional information, please
visit www.aclaristx.com and follow Aclaris on LinkedIn or
Twitter @aclaristx.
Cautionary Note Regarding Forward-Looking
Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. These statements may be identified by words such as
“believe,” “expect,” “intend,” “may,” “plan,” “potential,” “will,”
and similar expressions, and are based on Aclaris' current beliefs
and expectations. These forward-looking statements include Aclaris’
continued execution on its refocused business strategy and its
belief that its existing cash, cash equivalents and marketable
securities, together with the proceeds from the loan, will be
sufficient to fund its operations into the first quarter of 2022.
These statements involve risks and uncertainties that could cause
actual results to differ materially from those reflected in such
statements. Risks and uncertainties that may cause actual results
to differ materially include uncertainties inherent in the conduct
of clinical trials, Aclaris' reliance on third parties over which
it may not always have full control, Aclaris’ ability to enter into
strategic partnerships on commercially reasonable terms and other
risks and uncertainties that are described in the Risk Factors
section of Aclaris' Annual Report on Form 10-K for the year ended
December 31, 2019 and other filings Aclaris makes with the U.S.
Securities and Exchange Commission from time to time. These
documents are available under the “SEC filings” section of the
Investors page of Aclaris’ website at http://www.aclaristx.com. Any
forward-looking statements speak only as of the date of this press
release and are based on information available to Aclaris as of the
date of this release, and Aclaris assumes no obligation to, and
does not intend to, update any forward-looking statements, whether
as a result of new information, future events or otherwise.
Aclaris ContactMichael Tung, M.D.Senior Vice President Corporate
Strategy/Investor
Relations484-329-2140mtung@aclaristx.com
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