Ocata of Marlborough secures up to $10M in loans
Marlborough-based Ocata Therapeutics has secured up to $10 million in financing to push toward commercialization of a drug to treat forms of macular degeneration, the company announced Wednesday.
Ocata said the lender, Silicon Valley Bank, of Santa Clara, Calif., has given the company $6 million in initial funding and can tap an additional $4 million after successful completion of some clinical and corporate milestones.
The company said it will use the money for general corporate purposes, which include the initiation of second-phase clinical studies into its treatments for dry age-related macular degeneration (AMD) and pivotal Stargardt’s macular degeneration. The money is also intended to help advance Ocata’s pre-clinical programs.
Ted Myles, Ocata’s chief financial officer and chief operating officer, said the money will provide the company “with additional flexibility” as it launches those initiatives over the rest of the year.
In its most recently completed quarter, which ended June 30, Ocata reported a net loss of $7.2 million. But that was much smaller than the $16.1 million loss it reported in the second quarter of 2014. But the company cited “significant progress," especially toward the start of second-phase studies of its treatment for Stargardt's and dry AMD.
WBJ Web Partners
Most Recent
Most Recent
0 Comments