BERKELEY HEIGHTS, N.J., Sep 08, 2014 (BUSINESS WIRE) — Edge Therapeutics, a clinical-stage biotechnology company that discovers, develops and seeks to commercialize novel, hospital-based therapies capable of transforming treatment paradigms in the management of acute, life-threatening neurological conditions, today announced that it has obtained up to $10 million in venture debt financing from Hercules Technology Growth Capital, Inc. HTGC, -1.30% to support the continued development of EG-1962, the Company’s lead product candidate.
“We are very pleased to enter into this loan agreement with Hercules, one of the leading specialty finance companies in the life sciences sector,” said Brian Leuthner, Chief Executive Officer and President. “With the additional access to capital we remain on our path to delivering top-line data from the ongoing NEWTON trial for EG-1962 by the first half of 2015 while limiting shareholder dilution.”
Edge is developing EG-1962 to fundamentally improve patient outcomes and transform the management of aneurysmal subarachnoid hemorrhage. The Company believes that EG-1962 can become the new standard of care for patients suffering from a ruptured brain aneurysm who receive an intraventricular catheter.