Ocera Therapeutics, Inc. (NASDAQ:OCRX), a Palo Alto, CA-based clinical stage biopharmaceutical company focused on acute and chronic orphan liver diseases, secured a $20m debt facility.
Backers included Oxford Finance and Silicon Valley Bank. Under the terms of the two-tranche loan agreement, Ocera received $10 million upon closing on July 30, 2015, with the remaining $10 million available for draw until December 31, 2016 at Ocera’s discretion, subject to the achievement of certain financial and clinical milestones.
The company intends to use the funds for the ongoing development of its novel molecule OCR-002 to treat acute and chronic patients with hepatic encephalopathy.
Led by Michael Byrnes, chief financial officer, Ocera is a clinical stage biopharmaceutical company focused on the development and commercialization of OCR-002 (ornithine phenylacetate) in both intravenous and oral formulations. OCR-002 is an ammonia scavenger and has been granted orphan drug designation and Fast Track status by the U.S. Food and Drug Administration (FDA) for the treatment of hyperammonemia and resultant hepatic encephalopathy in patients with acute liver failure and acute-on-chronic liver disease.