Celladon Corporation Secures $25 Million Credit Facility From Hercules Growth Capital
August 01 2014 - 6:00AM
Celladon Corporation (Nasdaq:CLDN), a clinical-stage biotechnology
company applying its leadership position in the field of gene
therapy and calcium dysregulation, today announced that it has
entered into a credit facility with Hercules Technology Growth
Capital, Inc. (NYSE:HTGC) and its affiliate lenders. The credit
facility provides for up to $25 million of loans.
Celladon drew a first tranche of $10 million at the closing of
the new credit facility. A second tranche of up to $15 million can
be drawn, at Celladon's option, prior to May 31, 2015. This option
may be exercised if data from the ongoing Phase 2b trial of MYDICAR
supports the continued development of MYDICAR for its Breakthrough
Therapy indication to either a Phase III study or registration for
approval, as reasonably determined by Celladon's senior management
and board of directors. MYDICAR has received Breakthrough Therapy
designation from the FDA for reducing hospitalization for heart
failure in Nab-negative NYHA class III or class IV heart failure
patients who are not in immediate need of a left ventricular assist
device or heart transplant. Celladon expects to report results from
the Phase 2b trial in April 2015.
Celladon plans to use the proceeds from the credit facility to
provide additional funding for the development of MYDICAR, for
other development programs in its pipeline, and for general
corporate purposes. Further information with respect to the loan
arrangement with Hercules will be contained in a Current Report on
Form 8-K to be filed by August 6, 2014 by Celladon with the
Securities and Exchange Commission.
"This credit facility with Hercules will provide additional
funding in support of our rapidly advancing pipeline," commented
Paul Cleveland, President and Chief Financial Officer of Celladon.
"It demonstrates our conviction that MYDICAR could represent a
breakthrough in the treatment of advanced heart failure, and it
also represents a vote of confidence in our company by
Hercules."
About Celladon
Celladon is a clinical-stage biotechnology company applying its
leadership position in the field of gene therapy and calcium
dysregulation to develop novel therapies for diseases with
tremendous unmet medical needs. MYDICAR, the Company's most
advanced product candidate, uses gene therapy to target SERCA2a,
which is an enzyme that becomes deficient in patients with heart
failure. Celladon recently completed enrollment of a 250 patient
Phase 2b trial evaluating the efficacy of MYDICAR in reducing the
frequency of, or delaying heart failure-related hospitalizations.
This randomized, double-blind, placebo-controlled, multinational
trial is evaluating a single intracoronary infusion of MYDICAR
versus placebo added to a maximal, optimized heart failure regimen
in patients with New York Heart Association class III or IV
symptoms of chronic heart failure due to systolic dysfunction. The
Company has received Breakthrough Therapy designation from the FDA
for this MYDICAR program and expects to report results from the
Phase 2b trial in April 2015. In addition, Celladon has identified
a number of potential first-in-class compounds addressing novel
targets in diabetes and neurodegenerative diseases with its small
molecule platform of SERCA2b modulators. For more information,
please visit www.celladon.com.
About Hercules Technology Growth Capital,
Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) is the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development. Since inception (December 2003),
Hercules has committed more than $4.2 billion to over 270 companies
and is a lender of choice for entrepreneurs and venture capital
firms seeking growth capital financing.
The Company's common stock trades on the New York Stock Exchange
under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of
7.00% Senior Notes due April 2019, 7.00% Senior Notes due September
2019, and 6.25% Senior Notes due July 2024, which trade on the NYSE
under the symbols "HTGZ", "HTGY," and "HTGX," respectively.
Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements related to future events under the credit facility with
Hercules, including Celladon's ability to access the second tranche
of funds under the facility, references to the expected timing of
results of the Phase 2b data, plans for the use of the funds under
the credit facility and references to the future of MYDICAR and
Celladon's other pipeline products. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements are based upon
Celladon's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and
the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with the process of conducting product
development activities and clinical trials and obtaining regulatory
approval to commercialize product candidates, our reliance on third
parties, the need to raise additional funding when needed in order
to conduct our business, and the degree of market acceptance of
MYDICAR by physicians, patients, third-party payors and others in
the medical community. These and other risks and uncertainties are
described more fully in Celladon's filings with the Securities and
Exchange Commission, including without limitation its Form 10-Q for
the quarter ended March 31, 2014. All forward-looking statements
contained in this press release speak only as of the date on which
they were made. Celladon undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
CONTACT: For further information, please contact:
Fredrik Wiklund
Vice President, Corporate Development and Investor Relations
+1-858-432-7215
fwiklund@celladon.com
Hercules Capital (NYSE:HTGC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hercules Capital (NYSE:HTGC)
Historical Stock Chart
From Jul 2023 to Jul 2024