Click Therapeutics Closes $15 Million Debt Financing from Silicon Valley Bank
NEW YORK--(BUSINESS WIRE)-- Click Therapeutics, Inc., (“Click”), a leader in Digital Therapeutics™ as prescription medical treatments, today announced that it has secured a $15 million term loan from Silicon Valley Bank. Proceeds from the financing were used in part to retire Click’s existing term loan facility with K2 HealthVentures (K2HV). The remaining proceeds supplement the company’s current equity capital and will be used to advance Click’s prescription digital therapeutic pipeline.
“We are pleased to partner with Silicon Valley Bank, a leading lender to companies in the life sciences space. This financing allows us to replace our existing loan facility with improved economic terms, while providing additional capital to fund our pipeline of clinically-validated digital therapeutics,” said Randall Stanicky, Chief Financial Officer of Click. “On behalf of Click, I would like to thank K2HV for their support during a critical period of growth for our company. We look forward to continuing our partnership with K2HV, as the firm remains an equity investor in Click.”
Click Therapeutics has recently announced the achievement of key clinical and corporate milestones, including updates from multiple early research & development studies across its Click Neurobehavioral Intervention (CNI) Platform™ as well as the formation of a Scientific Advisory Board (SAB) comprised of world-renowned healthcare and technology leaders.
“Click Therapeutics is driving important advancements in the digital health industry through Click’s Digital Therapeutics technology,” said Clark Hayes, Managing Director of Life Science and Healthcare at Silicon Valley Bank. “We’re pleased to expand our relationship with the Click team and support them as they continue to scale and grow.”
About Click Therapeutics
Click Therapeutics, Inc. develops and commercializes software as prescription medical treatments for patients with unmet medical needs. Through cognitive and neurobehavioral mechanisms, Click’s Digital Therapeutics™ enable change within individuals, and are designed to be used independently or in conjunction with biomedical treatments. The Clickometrics® adaptive data science platform continuously personalizes user experience to optimize engagement and outcomes. Following a groundbreaking clinical trial, Click’s industry-leading smoking cessation program is available nationwide through a wide variety of payers, providers, and employers. Click’s lead prescription program has recently entered a pivotal, fully remote, randomized, controlled trial on the Verily platform for the treatment of Major Depressive Disorder (MDD) in up to 540 adults. Click is progressing a broad pipeline of Digital Therapeutics™ across a variety of high-burden therapeutic areas, including MDD, Schizophrenia, Migraine, Chronic Pain, Atopic Dermatitis, Acute Coronary Syndrome (ACS), Obesity and more. For more information on Click, visit ClickTherapeutics.com.
About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
Source: Click Therapeutics, Inc.