BioElectron Announces $40 Million Debt Financing
Published: Aug 10, 2018
BioElectron Technology Corporation (BioElectron), a late clinical-stage platform biotechnology company, announced today the closing of $40 million of debt financing from Solar Capital Partners and its affiliates.
BioElectron will use this funding to support activities related to its continued development and planned commercial launch of EPI-743, a pre-NDA state compound that targets inherited mitochondrial disease. The financing will also support the advancement of BioElectron's existing clinical and pre-clinical pipeline of first-in-class redox therapeutics.
"This financing provides non-dilutive capital at a critical juncture for the Company as we look to advance EPI-743 to approval and commercial launch," said Dr. Matthew Klein, BioElectron CEO. "In addition, we are very pleased to be initiating this relationship with Solar Capital."
EPI-743 is a pre-NDA stage compound for the treatment of inherited mitochondrial disease. A second clinical-stage compound, EPI-589, is being developed for the treatment of adult neurodegenerative diseases. BioElectron has also developed a discovery platform that leverages the Company's unique expertise in the chemistry of a specific set of enzymes--oxidoreductases--critical to the regulation of inflammation, oxidative stress, and ferroptosis. This comprehensive discovery platform has yielded a rich pre-clinical pipeline of first-in-class molecules targeting pathways critical to central nervous system disease pathology and systemic inflammatory disorders.
To date, BioElectron's discovery and clinical development efforts have been supported through investments from private investors, venture capital groups, and patient foundations, as well as a strategic partnership with Sumitomo Dainippon Pharma Co., Ltd.
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