Date: 2016-12-02
Type of information: Loan
Company: Amryt Pharma (Ireland)
Investors: European Investment Bank (EIB)
Amount: € 20 million
Funding type: loan
Planned used: The funds will be used to secure Amryt's near and mid-term funding needs for its lead product, Episalvan. They will also provide the funding required to progress its orphan designated acromegaly drug compound, AP 102, through pre-clinical development and into the clinic. Amryt has already submitted its protocol for the pivotal phase 3 study for Episalvan, to demonstrate its efficacy and safety for the treatment of epidermolysis bullosa. First patient enrolment is set to commence in the first quarter of 2017 with top-line data anticipated in mid 2018 and commercial launch expected in 2019.
AP102 is focused on developing novel, next generation somatostatin analogue peptide medicines for patients with rare neuroendocrine diseases, where there is a high unmet medical need, including acromegaly and Cushing's disease. AP102 was recently granted orphan designation in the US in acromegaly by the FDA.
Others: * On December 2, 2016, Amryt Pharma announced that the company has entered into a €20 million facility agreement with the European Investment Bank. The facility has a five-year term from drawdown and the associated repayment schedule is expected to present a minimal cash burden to the Company during the term, ahead of repayment. The Facility is split into three tranches, with €10 million available immediately and two further tranches of €5 million available upon the achievement of certain milestones in relation to Episalvan. The Facility has an interest rate of 3% over the Euro Interbank Offered Rate to be paid periodically, with a further 10% accruing and payable in a bullet together with the outstanding principal amount on expiry of the Facility.
Therapeutic area: Rare diseases
