Date: 2016-07-19
Type of information: Loan
Company: Auris Medical (Switzerland)
Investors: Hercules Capital (USA - CA)
Amount: up to $ 20 million
Funding type: loan
Planned used:
Others: * On July 19, 2016, Auris Medical announced that it has entered into a loan facility agreement with Hercules Capital for up to $20 million in financing. Auris Medical has closed the first tranche of financing of $12.5 million. Funding of a second tranche of financing of up to $7.5 million is, among other factors, subject to the Phase 3 TACTT2 clinical trial with Keyzilen™ (AM-101) meeting its co-primary endpoints. The financing is in the form of a 42-month loan bearing interest at a minimum rate of 9.55% per annum, and is subject to the variability of the prime interest rate. Terms include an initial interest-only period until June 30, 2017, which is extendable to March 31, 2018, subject to certain conditions. Auris Medical issued Hercules a warrant to purchase up to 241,117 shares of the Company's common stock at an exercise price of $3.94 per share.
Therapeutic area: Otorhinolaryngology
