Renibus Therapeutics, Inc., a clinical-stage biotechnology company developing products for the treatment of cardiorenal diseases, obtained $33 million in bridge financing, including $23 million in a Simple Agreement for Future Equity offering, and $10 million pursuant to the first tranche of a $30 million term loan with Oxford Finance LLC.
Under terms of the credit facility with Oxford, the funds are available in three tranches of $10 million for a total of up to $30 million, subject to certain conditions. The term loan matures in October 2027 and includes a 24-month, interest-only period, which can be extended to 36 months under certain conditions. The first tranche of $10 million closed in August and the company is under no obligation to draw additional funds.
Reedland Capital Partners, acting through Weild & Co., served as financial advisor to Renibus in the deal with Oxford.
Since 2002, Alexandria, Virginia-based Oxford has originated approximately $9 billion in loans.
