SynOx Therapeutics secures up to $35m debt financing with Hercules Capital to progress development and commercialisation of emactuzumab | HTGC Stock News
Summary
Provides flexible loan facility to support additional clinical work and activities to drive its successful registration and commercialisationand , April 30, 2024 /PRNewswire/ -- SynOx Therapeutics Limited ("SynOx" or the "Company"), the late-stage clinical biopharmaceutical company developing emactuzumab for the treatment of Tenosynovial Giant Cell Tumour (TGCT) and other diseases, today announces it has entered into a loan facility with Hercules Capital, Inc. (NYSE: HTGC) ("Hercules").The transaction strengthens the Companys balance sheet as it executes TANGENT, a registrational Phase 3 study of emactuzumab, SynOxs potentially best-in-class CSF-1(R) inhibiting monoclonal antibody (mAb) for the treatment of TGCT.This loan facility provides SynOx with flexibility to fund additional clinical work in TGCT to augment TANGENT, activities to support the successful registration and commercialisation of emactuzumab in TGCT, and potentially to explore the use of emactuzumab in other CSF-1 driven and macrophage-mediated diseases.The term loan facility provides up to , in total, in four tranches. Bryan Jadot, Senior Managing Director and Group Head - Life Sciences, Hercules, said: "We have been impressed by the quality of data SynOx has already generated on emactuzumab, which demonstrate it to be highly differentiated from other CSF-1 inhibiting drugs in development. While most patients receive surgical intervention, more than of patients with diffuse disease experience tumour recurrence within three years of surgery[1].Emactuzumab, a novel next-generation CSF-1R mAb with a potentially best-in-class profile, has demonstrated substantial clinical activity in earlier clinical work in TGCT[2], with an objective response rate (ORR) of , rapid and robust tumour reduction, a long duration of effect, significant improvements in functional ability, good tolerability and a manageable safety profile. The Phase 3 TANGENT trial will assess its safety and efficacy in patients with localized and diffuse TGCT.About SynOx TherapeuticsSynOx Therapeutics Limited is a and -based, late-stage clinical biopharmaceutical company developing emactuzumab, a best-in-class monoclonal antibody against CSF-1R, for the treatment of Tenosynovial Giant Cell Tumour (TGCT) and other CSF-1 related and macrophage driven disorders. Phase I/II studies indicated good tolerability and a manageable safety profile and substantial preliminary efficacy in TGCT patients with rapid, robust tumour reduction and durable response.