Urovant Sciences Enters into Flexible Agreement for up to $100 Million Debt Financing with Hercules Capital
“This financing provides Urovant additional flexibility to pursue development of vibegron, as well as other innovative therapies for urologic conditions,” said
The Hercules term loan facility provides Urovant with up to
The term loans bear a variable interest rate equal to the greater of 10.15% or 10.15% plus the prime rate minus 5.50% with a ceiling of 12.15%. The term loan matures 36 months from closing, with an option for a 12- to 18-month extension if certain milestones are met. Urovant’s obligations are secured by a first priority security interest on substantially all of their personal property except their intellectual property and subject to certain other exceptions.
Additional information about the financing agreement with Hercules will be contained in a Current Report on Form 8-K to be filed by Urovant with the
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations and can be identified by words such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “to be,” “will,” “would,” or the negative or plural of these words or other similar expressions or variations, although not all forward-looking statements contain these identifying words. In this press release, forward-looking statements include, but are not limited to, statements regarding the Company’s ability to access additional funds under the loan agreement with Hercules to continue development of vibegron and other innovative therapies for the treatment of urological conditions and for other general corporate purposes.
The Company’s forward-looking statements are based on management’s current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors that could materially affect the Company’s operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: the Company’s limited operating history and the fact that it has never generated any product revenue; the Company’s ability to achieve or maintain profitability in the future; the Company’s dependence on the success of its lead product candidate, vibegron; the Company’s reliance on its key scientific, medical or management personnel and on certain affiliates to provide certain services to the Company; risks related to clinical trials, including uncertainties relating to the success of the Company’s clinical trials for vibegron and URO-902 and any future therapy or product candidates; uncertainties surrounding the regulatory landscape that governs gene therapy products; the Company’s dependence on