Oxford Finance LLC (“Oxford”), a leading specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, has announced the closing of a $125 million senior secured term loan with Kala Pharmaceuticals, Inc. (NASDAQ: KALA).
KALA is a biopharmaceutical company focused on the discovery, development, and commercialization of innovative therapies for diseases of the eye. Proceeds from the transaction will be used to refinance existing indebtedness and provide additional growth capital for the Company’s marketing of its two approved ophthalmic products.
Kala is marketing two approved ophthalmology products, EYSUVIS® for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease (“DED”), and INVELTYS® for the treatment of post-operative inflammation and pain following ocular surgery.
The Company developed both products utilizing its proprietary AMPPLIFY® technology platform that creates mucus penetrating particles to enhance the delivery profile of loteprednol etabonate, the active pharmaceutical ingredient in each product.
“Kala’s commercial product, EYSUVIS, is the only FDA-approved product to treat the acute flare-ups associated with dry eye disease,” said Christopher A. Herr, senior managing director at Oxford.
“Approximately 80 percent of people living with dry eye disease suffer from these episodic flares. Oxford is proud to support a company that has developed a novel method to address significant unmet medical needs.”
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide.
For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $6 billion in loans, with lines of credit ranging from $5 million to $150 million.
Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas.
Kala is a biopharmaceutical company focused on the discovery, development, and commercialization of innovative therapies for diseases of the eye.
Kala has applied its AMPPLIFY® mucus-penetrating particle (MPP) Drug Delivery Technology to two ocular therapies, EYSUVIS® (loteprednol etabonate ophthalmic suspension) 0.25% for the short-term (up to two weeks) treatment of signs and symptoms of dry eye disease and INVELTYS® (loteprednol etabonate ophthalmic suspension) 1% for the treatment of post-operative inflammation and pain following ocular surgery.
The Company also has a pipeline of preclinical development programs targeted to address unmet medical needs, including both front and back of the eye diseases.