Cerus Corporation (NASDAQ:CERS) reported that it has finalized a $40 million amended growth capital agreement with Oxford Finance LLC, a firm that offers senior debt to healthcare services and life sciences firms globally. Under the amended facility, the company obtained an immediate loan of $30 million at closing on July 2017 and has the alternative to get another $10 million conditional on achieving a mentioned revenue milestone.
Kevin D. Green, the VP, Finance and CFO of Cerus, reported that Oxford Finance continues to be a significant partner. Their appreciation of their business prospects and shared belief in their objective to grow INTERCEPT as the standard of care treatment for transfused blood components internationally strengthens their association. The non-dilutive capital and prospective access to additional proceeds offers them with financial flexibility to assist them execute on their commercial growth plan, and to support key clinical plans.
Green added that a part of the proceeds from the preliminary $30 million loan were utilized to repay the due term loans of around $17.6 million offered under the original deal with Oxford. The amended facility offers Cerus with additional capital as well as deferred amortization for around 18 to 24 months.
Christopher A. Herr of Oxford Finance reported that they are delighted to extend their association with Cerus in attempt of its commercial growth measures. The company’s commitment to enhancing patient care, proprietary technology and its seasoned management team offers them with a remarkable lending opportunity.
Cerus is a biomedical products firm focused in the segment of blood transfusion safety. Its INTERCEPT Blood System is intended to lessen the risk of transfusion-transmitted infections by disabling a broad range of pathogens like bacteria, parasites and viruses that may be existent in donated blood. The company sells and markets the INTERCEPT Blood System for plasma as well as platelets in the U.S., Europe, the Middle East, the Commonwealth of Independent States and selected nations in other regions across the globe.