BASEL, Switzerland,
Feb. 3, 2017 /PRNewswire/
-- Axovant Sciences (NYSE: AXON), a leading
clinical-stage biopharmaceutical company focused on the treatment
of dementia, today announced that it has entered into a
$55.0 million debt financing
agreement with Hercules Capital, Inc. (NYSE: HTGC)
("Hercules"), a leader in customized debt financing for companies
in life sciences and technology-related markets.
"This financing provides Axovant additional flexibility to
pursue its mission of developing comprehensive solutions for
patients with dementia," stated Vivek
Ramaswamy, Chief Executive Officer of Axovant Sciences. "We
are excited to be working with the Hercules team that has a long
history of supporting innovative life sciences companies."
"Hercules is pleased to enter into this financing partnership
with Axovant at this important stage to allow it to continue to
advance and expand its pipeline and achieve its growth objectives,"
said Scott Bluestein, Chief
Investment Officer at Hercules Capital. "This investment in Axovant
provides another example of our ability to finance life sciences
companies through multiple stages of development and through
various value inflection points."
The full amount of the $55.0
million loan was funded upon closing. The loan will
mature on March 1, 2021. Payments under the loan are
interest only for a period of 18 months, followed by equal monthly
installments of principal and interest thereafter. The
interest-only period may be extended to 24 months contingent upon
Axovant achieving of certain clinical development milestones. In
connection with the debt financing, Axovant issued Hercules a
warrant to purchase up to 274,086 of its common shares at an
exercise price of $12.04 per
share.
Further information with respect to the debt financing agreement
with Hercules will be contained in a Current Report to be filed on
Form 8-K by Axovant with the Securities and Exchange
Commission.
About Axovant Sciences
Axovant Sciences is a global
clinical-stage biopharmaceutical company focused on the development
and commercialization of novel therapeutics for the treatment of
dementia, including Alzheimer's disease and Lewy body dementia. Our
vision is to become the leading company focused on the treatment of
dementia by addressing all forms and aspects of this condition.
About Hercules Capital, Inc.
Hercules Capital, Inc.
(NYSE: HTGC) is the leading and largest specialty finance
company focused on providing senior secured venture growth loans to
high-growth, innovative venture capital-backed companies in a broad
variety of technology, life sciences and sustainable and renewable
technology industries. Since inception (December 2003), Hercules has committed more than
$6.3 billion to over 360 companies
and is the lender of choice for entrepreneurs and venture capital
firms seeking growth capital financing.
Forward Looking Statement
This press release contains
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements about
Axovant and various elements of its clinical development,
regulatory, and financial strategy. Forward-looking statements can
be identified by words such as "anticipate," "vision," "become,"
"continue," "intend," "plan," "goal," "seek," "believe,"
"potential," "project," "estimate," "expect," "strategy," "future,"
"likely," "may," "could," "should," "will" or other similar
expressions that are predictions or indicate future events, trends
or prospects.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
and reported results should not be considered as an indication of
future performance. They are based only on our current beliefs,
expectations and assumptions regarding the future of the business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to Axovant's business in general, see the "Risk Factors"
section of our quarterly report on Form 10-Q filed with the
Securities and Exchange Commission on November 7, 2016, and other filings that Axovant
makes with the Securities and Exchange Commission from time to
time. These forward-looking statements are based on information
available to Axovant as of the date of this press release and speak
only as of the date of this release. Axovant disclaims any
obligation to update these forward-looking statements, except as
may be required by law.
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SOURCE Axovant Sciences