IVERIC bio Shares Jump On Debt Financing To Fund Zimura Launch

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  • IVERIC bio Inc ISEE has entered into a debt financing facility with Hercules Capital Inc HTGC and Silicon Valley Bank, providing the company with a total borrowing capacity of up to $250 million in non-dilutive debt financing.
  • "We are grateful to secure this non-dilutive financing as it further strengthens our balance sheet and provides financial flexibility as we look to fund the potential commercial launch of Zimura (avacincaptad pegol) in geographic atrophy (GA) in the U.S. subject to regulatory approval," stated David Carroll, CFO of IVERIC Bio. 
  • IVERIC bio is borrowing $50 million in July 2022, with an additional $150 million subject to the company's achievement of specified performance milestones relating to development and regulatory events for Zimura and an additional $50 million being available subject to the lenders' approval.
  • The company expects topline data from the GATHER2 trial evaluating Zimura (avacincaptad pegol) for GA in September 2022.
  • As of June 30, the company held $312 million in cash and cash equivalents.
  • IVERIC bio plans to provide additional information regarding its financing strategy following the GATHER2 topline data announcement.
  • Price Action: ISEE shares are up 2.14% at $11 during the premarket session on the last check Tuesday.
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