VBI Vaccines Inc. (Nasdaq: VBIV), a Cambridge, Mass.-based commercial-stage biopharmaceutical company developing next-generation infectious disease and immuno-oncology vaccines, entered into a debt financing facility for up to $50m with K2 HealthVentures, a healthcare-focused specialty finance company.
Upon closing, VBI received the first tranche of $20m and fully repaid the company’s previous $15m loan facility with Perceptive Advisors.
Future tranches of up to $20m will become available to the company upon achievement of certain regulatory and developmental milestones, and a final tranche of up to $10m will be available at the discretion of K2HV. The partnership with K2HV complements its recent $57.5m equity raise, strengthening the financial position and flexibility of VBI as it advances its pipeline candidates through their next clinical and regulatory milestones, including the potential commercial launch of Sci-B-Vac® in the U.S., Europe, and Canada.
Led by Jeff Baxter, president and CEO, VBI Vaccines is a commercial-stage biopharmaceutical company developing a next generation of vaccines. It is advancing the prevention and treatment of hepatitis B, with a tri-antigenic hepatitis B vaccine, Sci-B-Vac®, which is approved for use and commercially available in Israel, and recently completed its Phase 3 program in the U.S., Europe, and Canada, and has an immunotherapeutic in development for a functional cure for chronic hepatitis B.
VBI’s enveloped virus-like particle (eVLP) platform technology enables development of eVLPs that closely mimic the target virus to elicit a potent immune response. Its lead eVLP programs include a vaccine immunotherapeutic candidate targeting glioblastoma (GBM), a prophylactic cytomegalovirus (CMV) vaccine candidate, and a prophylactic pan-coronavirus vaccine candidate.
The company is headquartered in Cambridge, MA, with research operations in Ottawa, Canada, and research and manufacturing facilities in Rehovot, Israel.
FinSMEs
27/05/2020