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ObsEva enters into $75 million credit facility with Oxford Finance
By Sarah Lizee
Olympia, Wash., Aug. 7 – ObsEva SA closed a $75 million senior secured credit facility with Oxford Finance LLC, according to a press release.
The non-dilutive financing agreement provides ObsEva with up to $75 million borrowing capacity available in three tranches, with the initial $25 million available upon closing.
Each tranche bears interest at a rate of one-month Libor plus 625 basis points, or a minimum of 8.68% per annum.
ObsEva is required to make monthly interest-only payments on each tranche prior to the amortization date of Aug. 1, 2022.
The debt facility will mature on Aug. 1, 2024.
The credit facility includes affirmative and negative covenants, according to a 6-K filing with the Securities and Exchange Commission.
Proceeds of the financing are intended for use to advance ObsEva’s late stage development pipeline including Phase 3 trials of nolasiban in patients undergoing embryo transfer following in vitro fertilization and of linzagolix for the treatment of endometriosis-associated pain and heavy menstrual bleeding due to uterine fibroids, as well as initial commercialization expenses for nolasiban.
ObsEva is a Geneva-based clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for serious conditions that compromise a woman’s reproductive health and pregnancy.
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