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Eloxx Pharmaceuticals Secures Debt Facility of Up to $30 Million from Hercules Capital
October 6, 2021
WATERTOWN, Mass., Oct. 05, 2021 (GLOBE NEWSWIRE) -- Eloxx Pharmaceuticals, Inc. (Nasdaq: ELOX), today announced that the company has entered into a debt facility of up to $30.0 million with Hercules Capital, Inc. (NYSE: HTGC), a specialty financing lender for life science and technology companies. Eloxx has drawn the initial tranche of $12.5 million and used the proceeds to repay in full amounts outstanding under the Company’s existing debt facility. The remaining funds under the new facility will be available in additional tranches upon the achievement of specific clinical milestones or other terms and conditions. For additional information please see our Current Report on Form 8-K filed with the SEC today.
“This non-dilutive financing will provide additional capital to advance our product pipeline, including ELX-02, which is currently in Phase 2 clinical trials in cystic fibrosis patients affected by nonsense mutations, as well as also our preclinical programs focused on treating rare diseases created through our TURBO-ZM™ technology platform,” said Sumit Aggarwal, President and CEO of Eloxx. “We are incredibly pleased to have the support of a leading biotechnology lender such as Hercules.”
“Hercules is pleased to enter into this financing partnership with Eloxx as it continues to advance its pipeline of both clinical and preclinical assets,” said Janice Bourque, Managing Director at Hercules Capital. “This investment in Eloxx provides another example of our ability to finance life sciences companies through multiple stages of development and through various value inflection points.”
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception in 2003, Hercules has committed more than $12 billion to over 530 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact firstname.lastname@example.org, or call 650-289-3060.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals, Inc. is engaged in the science of ribosome modulation, leveraging both its innovative TURBO-ZM™ chemistry technology platform in an effort to develop novel Ribosome Modulating Agents (RMAs) and its library of Eukaryotic Ribosome Selective Glycosides (ERSGs). Eloxx’s lead investigational product candidate, ELX-02, is a small molecule drug candidate designed to restore production of full-length functional proteins. ELX-02 is in clinical development focusing on cystic fibrosis. ELX-02 is an investigational drug that has not been approved by any global regulatory body. Eloxx also has preclinical programs focused on select rare diseases including inherited diseases, cancer caused by nonsense mutations, kidney diseases, including autosomal dominant polycystic kidney disease, as well as rare ocular genetic disorders.
For more information, please visit www.eloxxpharma.com.
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