NEWARK, Calif., Oct. 31, 2019 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today announced it has entered
into a four-year debt facility with MidCap
Financial (MidCap), the lead agent, and Silicon Valley Bank
(SVB).
The lenders under the debt facility will make available to
Protagonist an aggregate principal amount up to $50 million. $10
million of the facility has been funded at closing, with the
ability to access the remaining $40
million, subject to the achievement of certain clinical
development milestones and other specified conditions. The facility
provides the company with access to capital for general corporate
purposes, which will support its clinical development programs.
"This debt facility provides additional flexibility to fund
various development activities as our multiple assets advance
towards critical clinical proof-of-concept endpoints," commented
Dinesh V. Patel, Ph.D., Protagonist
President and Chief Executive Officer. "The agreement with MidCap
and SVB expands on our resourceful financing strategies to help
maximize the long-term shareholder value of the company."
About Protagonist Therapeutics, Inc.
Protagonist Therapeutics is a clinical stage biopharmaceutical
company that utilizes its proprietary peptide technology platform
to discover and develop novel peptide-based drugs to transform
existing treatment paradigms for patients with significant unmet
medical needs. PTG-300 is an injectable hepcidin mimetic in
development for the treatment of iron overload anemia and related
rare blood diseases. PTG-200 is an oral, gut-restricted
interleukin-23 receptor specific antagonist peptide in clinical
development for the potential treatment of inflammatory bowel
disease. The Company has a worldwide license and collaboration
agreement with Janssen Biotech for the clinical development of
PTG-200 and a Phase 2 study in Crohn's disease is expected to begin
in the fourth quarter of 2019. PN-943 is an oral, gut-restricted
alpha-4-beta-7 integrin specific antagonist peptide in clinical
development for the potential treatment of inflammatory bowel
disease, with ulcerative colitis as the initial intended indication
expected to commence in the first half of 2020.
For further information, please visit
http://www.protagonist-inc.com.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance
firm that provides senior debt solutions to companies across all
industries. MidCap is headquartered in Bethesda, MD, with offices in Chicago and Los
Angeles, and provides a broad array of products intended to
finance growth and manage working capital. For more information,
visit www.midcapfinancial.com.
MidCap Financial refers to MidCap FinCo Designated Activity
Company, a private limited company domiciled in Ireland, and its subsidiaries, including
MidCap Financial Services, LLC. MidCap Financial Services, LLC
employs all personnel and provides sourcing, due diligence and
portfolio management services to MidCap FinCo Designated Activity
Company pursuant to a services agreement. MidCap Financial is
managed by Apollo Capital Management, L.P., a subsidiary of Apollo
Global Management (NYSE: APO), pursuant to an investment management
agreement.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped
innovative companies and their 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.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements regarding our new debt facility, intentions or current
expectations concerning, among other things, future financing
activities, achievement of clinical development milestones and
the availability of results of our clinical trials. In some cases,
you can identify these statements by forward-looking words such as
"expect," "will," "intend," "potential," or the negative or plural
of these words or similar expressions. Forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties that could cause actual results and events to
differ materially from those anticipated, including, but not
limited to, our ability to achieve certain clinical
development milestones and other specified conditions and our
ability to develop and commercialize our product candidates.
Additional information concerning these and other risk factors
affecting our business can be found in our periodic filings with
the Securities and Exchange Commission, including under the heading
"Risk Factors" contained in our Quarterly Report on Form 10-Q for
the three and six months ended June 30,
2019, filed with the Securities and Exchange Commission.
Forward-looking statements are not guarantees of future
performance, and our actual results of operations, financial
condition and liquidity, and the development of the industry in
which we operate, may differ materially from the forward-looking
statements contained in this press release. Any forward-looking
statements that we make in this press release speak only as of the
date of this press release. We assume no obligation to update our
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this press
release.
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SOURCE Protagonist Therapeutics, Inc.