Trevi closes $15 mln loan from Solar Capital and Square 1 Bank
Trevi Therapeutics has secured a $15 million senior loan from Solar Capital and Square 1 Bank.Based in New Haven, Conn., Trevi focuses on developing Nalbuphine ER for chronic pruritus conditions.
New Haven, CT – January 8, 2015 – Trevi Therapeutics, Inc. (“Trevi”), a late-stage clinical development company focused on developing Nalbuphine ER for chronic pruritus conditions, today announced the closing of a $15 million senior secured term loan agreement provided by Solar Capital Ltd. (“Solar Capital”) as collateral agent and lender and Square 1 Bank as lender.
“This financing is an important step for Trevi as we complete the funding for our ongoing clinical trials of Nalbuphine ER in uremic pruritus and prurigo nodularis,” said Jennifer Good, President and CEO.
“Trevi is developing therapeutic alternatives for the relief of severe chronic itch conditions which currently have no approved therapies in the US,” said Anthony Storino, head of healthcare venture lending at Solar Capital. “Solar Capital is pleased to lead this financing to support the company’s ongoing development efforts.”
“Square 1 is proud to partner with Trevi as they continue to move their trials forward in this important area of unmet need,” added Mara Huntington, senior vice president at Square 1 Bank. “Supporting therapeutics that improve patient quality of life is important to us at Square 1.”