Ocera Therapeutics Secures $20 Million Debt Facility from Oxford Finance and Silicon Valley Bank
PALO ALTO, Calif. and RESEARCH TRIANGLE PARK, N.C., July 30, 2015 (GLOBE NEWSWIRE) — Ocera Therapeutics, Inc. (NASDAQ:OCRX), a clinical stage biopharmaceutical company focused on acute and chronic orphan liver diseases, today announced that it secured a $20 million debt facility from Oxford Finance LLC (Oxford) and Silicon Valley Bank (SVB). Ocera intends to use the additional capital to support the ongoing development of the company’s novel molecule OCR-002 to treat acute and chronic patients with hepatic encephalopathy.
“This facility provides additional financial strength and flexibility at an attractive cost of capital with the initial $10 million tranche extending our cash runway to mid-2017,” said Michael Byrnes, chief financial officer of Ocera. “The second tranche of $10 million, if drawn, would extend our runway further, to the fourth quarter of 2017. Importantly, this debt financing should provide us with cash beyond some very meaningful milestones for both the IV and oral formulations of OCR-002. We are pleased to have the support of both Oxford and SVB and their confidence in Ocera and OCR-002.”
“We believe Ocera has a unique and innovative approach to treating hepatic encephalopathy, an area of high unmet medical need, and we are encouraged by the recently completed interim analysis in Ocera’s Phase 2b study evaluating OCR-002,” said Christopher A. Herr, senior managing director for Oxford Finance. “Oxford welcomes the opportunity to provide capital to support the ongoing development of Ocera’s research in this critical field.”