Ocugen, Inc. announced today that it has entered into a new $30 million credit facility with Avenue Venture Opportunities Fund, L.P., a fund of Avenue Capital Group. The agreement was finalized on November 6, 2024, providing immediate capital to the company. This financing is intended to support general corporate purposes, capital expenditures, working capital, and general and administrative expenses.
The credit facility has a term of four years, with the full $30 million funded on the closing date. This additional working capital is expected to support the clinical development of Ocugen's three first-in-class modifier gene therapies. Specifically, it will help fund the OCU400 Phase 3 liMeliGhT clinical trial and preparations for its Biologics License Application (BLA) and Marketing Authorization Application (MAA) submissions.
With the net proceeds from this facility and existing cash, cash equivalents, and restricted cash, Ocugen's expected cash runway now extends into the first quarter of 2026. This financing is part of the company's diversified strategy to fund its business and allocate resources across its portfolio, ensuring continued progress in its ambitious clinical programs.
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