UNITY Biotechnology Announces $80M Debt Financing From Hercules Capital
August 04 2020 - 3:05PM
UNITY Biotechnology (UNITY) [NASDAQ:UBX], a biotechnology company
developing therapeutics to extend healthspan by slowing, halting or
reversing diseases of aging, today announced that it has entered
into a $80 million debt facility with Hercules Capital [NYSE:
HTGC].
"With this financing UNITY has strengthened its balance sheet
and we now have additional financial flexibility around the
development of our lead senolytic clinical candidates, UBX0101 and
UBX1325," said Anirvan Ghosh, Ph.D., chief executive officer of
UNITY. "We are excited to be working with the Hercules team who has
significant experience supporting innovative life science
companies."
UNITY drew down $25 million from the debt facility at closing.
An additional $30 million will be available for drawdown subject to
the achievement of future milestones. The remaining $25 million
will be available for drawdown subject to approval by
Hercules.
"This structured financing represents a significant commitment from
Hercules and it is consistent with our goal of supporting
innovative life sciences companies with strong institutional
support through all stages of development," said Cristy
Barnes, Managing Director at Hercules. "Hercules is pleased to
enter into this financing partnership with Unity as it
continues to advance its unique pipeline targeting age-related
diseases," added Himani Bhalla, Principal at the Life Sciences
lending group at Hercules.
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 UNITY with the Securities and Exchange Commission.
About UNITYUNITY is developing a new class of
therapeutics to slow, halt or reverse diseases of aging. UNITY's
initial focus is on creating senolytic medicines that target
senescent cells to alter the course of diseases of aging, such as
osteoarthritis, eye diseases, neurological diseases and pulmonary
diseases. More information is available
at www.unitybiotechnology.com or follow us
on Twitter.
Investors
Endurance Advisors
Mike Zanoni
mzanoni@enduranceadvisors.com
Media
Canale Communications
Jason Spark
jason@canalecomm.com
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