CAMBRIDGE, Mass.--(BUSINESS WIRE)--VBI Vaccines Inc. (Nasdaq: VBIV) (VBI), a commercial-stage biopharmaceutical company developing next-generation infectious disease and immuno-oncology vaccines, today announced that it has entered into a debt financing facility for up to $50 million with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company.
“This partnership with K2HV complements our recent $57.5 million equity raise, strengthening the financial position and flexibility of VBI as we advance our pipeline candidates through their next clinical and regulatory milestones, including the potential commercial launch of Sci-B-Vac® in the U.S., Europe, and Canada,” said Jeff Baxter, VBI’s president and CEO. “Throughout this investment process, the K2HV team has proven to have a deep understanding of our business and the science driving VBI, and we look forward to continued collaboration.”
Upon closing, VBI received the first tranche of $20 million and fully repaid the Company’s previous $15 million loan facility with Perceptive Advisors. Future tranches of up to $20 million will become available to the Company upon achievement of certain regulatory and developmental milestones, and a final tranche of up to $10 million will be available at the discretion of K2HV.
“We are excited to support VBI’s efforts at such a pivotal time for the Company,” said Anup Arora, Founding Managing Director and Chief Investment Officer of K2HV. “This financing is in line with our strategy of investing in innovative life sciences and healthcare companies whose success will help to improve outcomes for patients and enhance public health more broadly.”
Armentum Partners served as financial advisor to VBI on this transaction.
About VBI Vaccines Inc.
VBI Vaccines Inc. (Nasdaq: VBIV) is a commercial-stage biopharmaceutical company developing a next generation of vaccines to address unmet needs in infectious disease and immuno-oncology. VBI is advancing the prevention and treatment of hepatitis B, with the only tri-antigenic hepatitis B vaccine, Sci-B-Vac®, which is approved for use and commercially available in Israel, and recently completed its Phase 3 program in the U.S., Europe, and Canada, and with an immunotherapeutic in development for a functional cure for chronic hepatitis B. VBI’s enveloped virus-like particle (eVLP) platform technology enables development of eVLPs that closely mimic the target virus to elicit a potent immune response. VBI’s lead eVLP programs include a vaccine immunotherapeutic candidate targeting glioblastoma (GBM), a prophylactic cytomegalovirus (CMV) vaccine candidate, and a prophylactic pan-coronavirus vaccine candidate. VBI is headquartered in Cambridge, MA, with research operations in Ottawa, Canada, and research and manufacturing facilities in Rehovot, Israel.Website Home: http://www.vbivaccines.com/
News and Insights: http://www.vbivaccines.com/wire/
Investors: http://www.vbivaccines.com/investors/
About K2 HealthVentures
K2 HealthVentures is an alternative investment firm focused on providing flexible, long-term financing solutions to innovative private and public companies in the life sciences and healthcare industries. The investment team is comprised of collaborative, experienced professionals with diverse backgrounds in finance and operations, as well as deep domain knowledge across various healthcare sectors. A uniquely flexible, permanent capital structure enables the firm to provide creative, adaptive financing solutions and to meet the evolving capital needs of its portfolio companies as they grow. K2HV is driven by dual goals of Profit and Purpose – aiming to fuel the growth of innovative companies that will ultimately improve the lives of patients and giving a percentage of investment profits back to underserved areas in healthcare.
Website Home: www.k2healthventures.com
