CONCORD, Calif.--(BUSINESS WIRE)--
Cerus Corporation (NASDAQ: CERS) announced today that it has entered
into a $30 million growth capital credit facility with Oxford Finance
LLC. Cerus received an immediate $10 million loan at closing on June 30,
2014. The Company has the option to draw another $10 million upon
approval of its U.S. Premarket Approval (PMA) submissions for the
INTERCEPT Blood System for either platelets or plasma. The approval also
triggers a third $10 million tranche which is available at the Company’s
option between July 1, 2015 and December 31, 2015, subject to
achievement of certain specified consolidated revenue milestones.
“We are pleased to be working with Oxford again. Their understanding of
our business and shared beliefs in the benefits of INTERCEPT make this a
strong partnership,” said Kevin D. Green, vice president, finance and
chief financial officer of Cerus Corporation. “This non-dilutive
facility and the access to significant capital in a phased approach
provides us with the flexibility and resources to execute the activities
necessary for a successful and aggressive North American launch, as well
as supporting further expansion of INTERCEPT’s global commercial
markets."
“We are excited to partner with Cerus in support of its North American
expansion and its growing INTERCEPT revenue base,” said Christopher A.
Herr, managing director for Oxford Finance. “Our shared vision for
improved patient care, along with Cerus’ committed management team and
leading technology presents an excellent lending opportunity for us.”
ABOUT CERUS
Cerus Corporation is a biomedical products company focused in the field
of blood safety. Cerus currently markets and sells the INTERCEPT Blood
System for both platelets and plasma in Europe, the Commonwealth of
Independent States, the Middle East and selected countries in other
regions around the world. In the United States, Cerus is seeking
regulatory approval of the INTERCEPT Blood System for plasma and
platelets. The INTERCEPT red blood cell system is in clinical
development.
See http://www.cerus.com
for more information.
ABOUT OXFORD FINANCE LLC
Oxford Finance is a specialty finance firm providing senior secured
loans to public and private life sciences and healthcare services
companies worldwide. For over 20 years, Oxford has delivered flexible
financing solutions to its clients, enabling these companies to maximize
their equity by leveraging their assets. In recent years, Oxford has
originated over $2 billion in loans, with lines of credit ranging from
$500 thousand to $50 million. Oxford is headquartered in Alexandria,
Virginia, with additional offices in California, Massachusetts, Illinois
and North Carolina. For more information visit www.oxfordfinance.com.
INTERCEPT and the INTERCEPT Blood System are trademarks of Cerus
Corporation.
This press release contains forward-looking statements. Any
statements contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements,
including, without limitation, statements relating to potential draws
against the credit facility, and the sufficiency of resources to
commercially launch the INTERCEPT Blood System in North America and
expand into other geographies. These forward-looking statements are
based upon Cerus’ current expectations. Actual results could differ
materially from these forward-looking statements as a result of certain
factors, including, without limitation, risks associated with the
commercialization and market acceptance of the INTERCEPT Blood System,
the sufficiency of Cerus’ cash resources and other risks detailed in the
Cerus' filings with the Securities and Exchange Commission (SEC),
including in Cerus' annual report on Form 10-Q for the quarter ended
March 31, 2014, filed with the SEC on May 12, 2014. You are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Cerus does not
undertake any obligation to update any forward-looking statements as a
result of new information, future events, changed assumptions or
otherwise.
Source: Cerus Corporation