Malvern-based Ocugen, a biotechnology company focused on novel gene and cell therapies, biologics, and vaccines, recently received a four-year, $30 million credit facility from Avenue Venture Opportunities Fund, L.P.
A credit facility is type of business loan that allows a company to take out an umbrella loan for generating capital over an extended period of time.
Ocugen will use funds for general and administrative expenses, general corporate purposes, capital expenditures, and working capital. The credit facility is part of a strategy to fund the business and allocate resources across the portfolio.
“We are pleased to enter into this relationship with Avenue Capital Group that provides what we believe is a shareholder-friendly financing for the Company,” Dr. Shankar Musunuri, Ocugen chairman, CEO, and co-founder, said. “This additional working capital will support the clinical development of our three, first-in-class modifier gene therapies and provide adequate funding to near completion of the OCU400 Phase 3 liMeliGhT clinical trial and prepare for the BLA and MAA submissions.”
Ocugen’s modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product. The company also is advancing research into infectious diseases to address unmet medical needs with the goal of supporting public health.