Trevena Announces $2M Non-Dilutive Financing Tranche and Reduction in Outstanding Liabilities in Connection with Existing ex-US Royalty Financing
July 08 2024 - 8:15AM
Trevena, Inc. (Nasdaq: TRVN), a
biopharmaceutical company focused on the development and
commercialization of novel medicines for patients with central
nervous system (CNS) disorders, today announced an amendment (the
“Amendment”) to its March 2022 ex-US royalty-based financing (the
“Royalty Financing”) with R-Bridge Healthcare Fund, L.P.
(R-Bridge).
Pursuant to the Amendment, Trevena will receive
(i) a $2 million payment from R-Bridge to Trevena, and (ii) $8
million in future potential tranches to Trevena based on the
achievement of certain US partnering and commercial milestones for
OLINVYK. In addition, the outstanding liability in connection with
the Royalty Financing will be reduced by $10 million in connection
with the Amendment. Trevena previously received $30 million in
non-dilutive funding under the Royalty Financing.
Also as part of the Amendment, (i) certain
OLINVYK Chinese IP that had been previously pledged to R-Bridge
under the Royalty Financing was transferred to R-Bridge, (ii)
warrants that had been issued to R-Bridge as part of the Royalty
Financing were amended to reduce the exercise price to a 15%
premium to the current stock price and to extend the exercise
period to five years from the date of the Amendment, and (iii) the
existing cap on US royalty payable to R-Bridge was increased from
$10 million to $12 million (with no minimum or fixed payments).
Forward-Looking Statements
Any statements in this press release about
future expectations, plans and prospects for the Company, including
statements about the Company’s strategy, future operations,
clinical development and trials of its therapeutic candidates,
plans for potential future product candidates and other statements
containing the words “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “suggest,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,” and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including: the status, timing, costs, results and
interpretation of the Company’s clinical trials or any future
trials of any of the Company’s investigational drug candidates; the
uncertainties inherent in conducting clinical trials; expectations
for regulatory interactions, submissions and approvals, including
the Company’s assessment of discussions with FDA; availability and
adequacy of funding, including whether additional tranches of
Royalty Financing will become available; uncertainties related to
the Company’s intellectual property; other matters that could
affect the availability or commercial potential of the Company’s
therapeutic candidates and approved product; and other factors
discussed in the Risk Factors set forth in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q filed with
the Securities and Exchange Commission (SEC) and in other filings
the Company makes with the SEC from time to time. In addition, the
forward-looking statements included in this press release represent
the Company’s views only as of the date hereof. The Company
anticipates that subsequent events and developments may cause the
Company’s views to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so, except
as may be required by law.
About Trevena
Trevena, Inc. is a biopharmaceutical company
focused on the development and commercialization of innovative
medicines for patients with CNS disorders. The Company has one
approved product in the United States, OLINVYK® (oliceridine)
injection, indicated in adults for the management of acute pain
severe enough to require an intravenous opioid analgesic and for
whom alternative treatments are inadequate. The Company’s novel
pipeline is based on Nobel Prize winning research and includes
three differentiated investigational drug candidates: TRV045 for
diabetic neuropathic pain and epilepsy, TRV250 for the acute
treatment of migraine and TRV734 for maintenance treatment of
opioid use disorder.
For more information, please
visit www.Trevena.com
About R-Bridge (CBC Group)
CBC Group is Asia’s largest and most active
healthcare-dedicated investment firm with over US$8.8 billion AUM.
With a diversified, multi-product strategy, CBC Group is focused on
platform-building, buyout, private credit and royalties, and real estate, across the healthcare space, including pharmaceutical, biotech, medical technology, and healthcare services.
CBC has a leading team of investment, industry and portfolio
management professionals, headquartered in Singapore with
additional offices in New York, Shanghai, Beijing, Hong Kong,
London and Seoul.
Founded in February 2020, R-Bridge Healthcare is
an affiliate of CBC Group and it is dedicated in providing
alternative, non-dilutive financing backed by royalties, revenue
interest and other cash flows generated by the sale of healthcare
products and services in Asia-Pacific region, the first of its kind
for the asset class and the region. R-Bridge provides additional
sources of capital to leading healthcare companies to continue
their extraordinary growth trajectories, commercializing their
products and services in Asia-Pacific region and on a global
scale.
For more information, please
contact:
Company Contact:
Bob YoderSVP and Chief Business OfficerTrevena,
Inc.(610) 354-8840
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