Orphazyme strengthens balance sheet with £8.2m funding
Orphazyme A/S, a biopharmaceutical company dedicated to developing treatments for patients living with rare diseases, today announces that it has entered into a loan agreement with Kreos Capital to secure £8.2m funding.
Orphazyme plans to draw down the loan on September 1, 2019. Proceeds from the loan will be used to fund the on-going preparations for filing of arimoclomol in the US and Europe, commercial planning, and for general corporate purposes.
Anders Fink Vadsholt, CFO of Orphazyme said: “Engaging in this loan facility diversifies our financing strategy and allows us, with only limited dilution, to bolster our cash position as we move closer to significant value inflection points, including the anticipated filing of arimoclomol for NPC in the US and Europe during H1 2020.”
Aris Constantinides, General Partner at Kreos, commented: “This is an important time for Orphazyme as the company prepares to file its lead program with regulatory authorities in the US and Europe. We are very pleased to support Orphazyme in its mission to bring innovative new medicines to patients with rare diseases.”