Tricida, Inc., a South San Francisco, CA-based late-stage pharmaceutical company, entered into a $100m venture debt facility with Hercules Capital, Inc. (NYSE: HTGC).
Tricida drew down $25m from the venture debt facility at closing. An additional $50m will be available for drawdown subject to the achievement of future milestones. The remaining $25m will be available for drawdown subject to approval by Hercules.
The company intends to use the funds to continue the development of TRC101 for the treatment of metabolic acidosis in chronic kidney disease patients.
Led by CEO Gerrit Klaerner, Tricida is a late-stage pharmaceutical company focused on the development and commercialization of its lead product candidate, TRC101, a non-absorbed, orally dosed polymer drug designed to treat metabolic acidosis in patients with chronic kidney disease (CKD). Tricida has completed a Phase 1/2 double-blind, placebo-controlled trial of TRC101 in CKD patients with metabolic acidosis, and recently completed enrollment in a pivotal Phase 3 clinical trial.
The results of these trials are intended to serve as the basis for the submission of a U.S. New Drug Application (NDA) for TRC101 under the Accelerated Approval Program of the U.S. Food and Drug Administration (FDA).
The company currently has 26 employees.