Impel Neuropharma Announces $100 Million Royalty and Debt Financing Agreement With Oaktree
Summary
• Transaction Provides Immediate, Non-Dilutive Capital to Further Support Commercialization of Trudhesa™ • $100 million in gross proceeds to be funded at close, extending estimated corporate cash runway into 2024 SEATTLE, March 17, 2022 (GLOBE NEWSWIRE) -- Impel NeuroPharma (NASDAQ: IMPL), a commercial-stage pharmaceutical company developing transformative therapies for people suffering from diseases with high unmet medical needs, with an initial focus on the central nervous system, today announced two separate transactions with funds managed by Oaktree Capital Management, L.P. (“Oaktree”) totaling $100 million in gross funding. “Additionally, this transaction meets our objectives of strengthening our balance sheet, while retaining for our shareholders the majority of upside from growing Trudhesa sales.” Aman Kumar, Co-Portfolio Manager of Life Sciences Lending at Oaktree, added, “We are very excited to form a long-term strategic partnership with Impel by supporting the ongoing commercialization of Trudhesa and development of additional therapies utilizing the Company’s innovative drug delivery technology. Private Securities Litigation Reform Act of 1995, including, but not limited to, the potential clinical benefits of Trudhesa™, the market opportunities of Trudhesa within the migraine market, the speed of uptake and market growth of Trudhesa, the actual amount of royalties to be paid to Oaktree, Impel’s expectations regarding the satisfaction of the closing conditions of the agreements with Oaktree, Impel’s projected cash runway, and the timing of announcements of clinical results and clinical development activities of Impel’s product candidates. These statements are subject to numerous risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including but not limited to, Impel’s ability to maintain regulatory approval of Trudhesa, its ability to execute its commercialization strategy for Trudhesa, its ability to develop, manufacture and commercialize its other product candidates including plans for future development of its POD devices and plans to address additional indications for which Impel may pursue regulatory approval, whether results of preclinical studies or clinical trials will be indicative of the results of future trials, and the effects of COVID-19 on its clinical programs and business operations. Impel assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.