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Cerecor Inc. (NASDAQ:CERC), a biopharmaceutical company focused on becoming a leader in the development and commercialization of treatments for immunologic, immuno-oncologic and rare genetic disorders, today announced that it has completed its second drawdown of $10 million under its previously announced $35 million debt financing agreement with Horizon Technology Finance Corporation (NASDAQ:HRZN) (“Horizon”). This second tranche was made available in connection with the Company’s successful positive initial results from a Phase 1b proof-of-concept study evaluating CERC-002, an investigational first-in-class fully human anti-LIGHT (tumor necrosis factor superfamily member 14 (TNFSF14)) monoclonal antibody, in adult patients with moderate- to-severe Crohn's disease, which was announced on July 26, 2021.
“We are pleased to have achieved this milestone,” said Mike Cola, Chief Executive Officer of Cerecor. “CERC-002 continues to advance in the clinic with promising results and we congratulate the team on continued progress towards bringing this therapy to patients.”
With the closing of the second tranche, the Company has drawn down a total of $30 million under its debt financing agreement with Horizon. Each advance of the loan will be repaid in 42 monthly payments. With the achievement of the interest only extension milestone, which the Company met upon the funding of the second drawdown, the interest-only period was extended to 24 months followed by monthly payments of principal and accrued interest through its maturity date. An additional $5 million may be funded upon Cerecor achieving certain predetermined milestones. Proceeds will be used to support the ongoing clinical development of key investigational product candidates within its pipeline and for general working capital purposes. As of June 30, 2021, the Company had $40.4 million in cash and cash equivalents, which excludes the second drawdown of $10 million under the debt financing agreement.
