SEATTLE--(BUSINESS WIRE)--Omeros Corporation (NASDAQ:OMER) today announced that it has closed a non-dilutive senior credit facility with Oxford Finance and East West Bank. The new credit facility consists of a $50.0 million term loan drawn by the company at closing and the ability, subject to the satisfaction of certain conditions including achievement of certain net revenue milestones for the company’s product Omidria® (phenylephrine and ketorolac injection) 1%/0.3%, to access up to an additional $20.0 million in two tranches until June 30, 2017. The credit facility requires interest-only payments through July 2017, following which monthly principal and interest payments will be due through the January 1, 2020 maturity date. The company used a portion of the loan proceeds to repay its obligations under its prior loan and security agreement with Oxford Finance and MidCap Financial (the Prior Agreement), and expects that the remaining net proceeds of approximately $22.3 million, as well as any of the additional $20.0 million if borrowed, will be used for general corporate purposes and working capital. During the interest-only period, the company’s cash debt service obligation will be reduced by $11.4 million as compared to the aggregate principal and interest payments that would have been payable during the same period under the Prior Agreement, which terminated December 30, 2015. The company anticipates recognizing a loss on debt extinguishment of approximately $1.3 million in its financial statements for the fourth quarter of 2015. The credit facility requires Omeros to achieve certain minimum net revenue amounts from Omidria through the end of 2018 and to maintain at least $10 million in cash and cash equivalents during its term. As required by the loan agreement, the company is also required to establish an at-the-market equity facility of up to $100 million.
