Edge Therapeutics, a Berkeley Heights, NJ-based clinical-stage biotechnology company that develops therapies for treatment of acute, life-threatening neurological conditions, obtained up to $10m in venture debt financing.
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) provided the facility, which is comprised of $3.0m, drawn down at closing, and the balance available upon the satisfaction of some milestones.
The company intends to use the funds for the continued development of EG-1962, its lead product candidate.
Led by Brian Leuthner, Chief Executive Officer and President, Edge leverages proprietary, programmable, biodegradable polymer-based development platform, known as Precisa™, to develop EG-1962, which is designed to improve the management of aneurysmal subarachnoid hemorrhage.
It is a novel polymeric nimodipine microparticle that is administered directly into the brain ventricles. A single dose of EG-1962, administered initially at the time of aneurysm repair, delivers a high concentration of nimodipine directly to the brain, with sustained drug exposure over 21 days.
EG-1962 is currently being evaluated in the Phase 1/2 NEWTON study, a safety, tolerability and pharmacokinetics clinical trial.