CalciMedica Inc. announced it has entered into a Loan and Security Agreement for up to $32.5 million in growth capital with Avenue Venture Opportunities Fund II, L.P. This credit facility is intended to support the continued development of the company's product pipeline. The agreement has a term of 3.5 years and includes an initial tranche of $10 million funded at close.
The facility provides additional tranches of up to $22.5 million, which are available to the company subject to achieving certain milestones. Importantly, the agreement does not include minimum cash requirements or other financial covenants, offering flexibility. This financing is a key component of CalciMedica's strategy to ensure sufficient capital for its operations.
With the net proceeds from the initial $10 million tranche, CalciMedica's management estimates its existing resources are sufficient to fund current operations into the middle of 2026. This extended cash runway provides ample time beyond the anticipated data readout from the Phase 2 KOURAGE trial and planned discussions with the FDA regarding a Phase 3 program in acute pancreatitis.
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