Phathom Pharmaceuticals extends availability of $50 million tranche

By Mary-Katherine Stinson

Lexington, Ky., Sept. 29 – Phathom Pharmaceuticals, Inc. entered into an amendment to its loan and security agreement with Hercules Capital, Inc. as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment moves the date to which the second tranche funding of $50 million will remain available until either Feb. 15, 2023 or, if the Prescription Drug User Fee Act target action date for the company’s pending new drug application is extended beyond the current target action date, May 15, 2023. The tranche was previously only available until Dec. 15.

In addition, the date on which the revenue covenant is set to begin, which covenant requires the company to achieve a certain level of trailing three-month net product revenue from the sale of vonoprazan and vonoprazan products, has been moved to Nov. 15, 2023 from May 15, 2023.

The Florham Park, N.J.-based Phathom is a biopharmaceutical company committed to transforming the treatment landscape and improving the lives of patients suffering from acid-related gastrointestinal disorders.

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