VBI draws $12 million under $52 million K2 HealthVentures facility

By Devika Patel

Knoxville, Tenn., May 21 – VBI Vaccines Inc. agreed to draw $12 million under its $52 million debt financing facility with K2 HealthVentures, according to a press release. The facility was arranged in May 2020.

Upon closing, VBI received the first tranche of $20 million and fully repaid the company’s $15 million loan facility with Perceptive Advisors.

A second tranche, upsized to $12 million from the original $10 million, became available following the achievement of certain clinical milestones.

Two additional tranches of up to $10 million each remain drawable in the future upon certain conditions. The first is contingent upon achievement of a specified regulatory milestone and the second and final tranche will be available at the discretion of K2 HealthVentures.

The biopharmaceutical company is based in Cambridge, Mass.

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