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SetPoint Medical Announces Expanded $65M Credit Facility to Support Development of the Company’s Novel Platform for Rheumatoid Arthritis
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SetPoint Medical has secured a senior secured term loan facility of up to $65 million from Runway Growth Capital LLC, expanding its ongoing credit arrangement. The funding will be utilized to complete the RESET-RA study and pursue FDA regulatory submissions for its rheumatoid arthritis treatment. This non-dilutive financing is positioned to enhance SetPoint's capacity to advance its innovative vagus nerve stimulation platform, aimed at assisting patients who experience inadequate responses to existing biologic therapies. The company had also recently raised $80 million through equity financing.
Positive
Secured a $65 million senior secured term loan, enhancing financial flexibility.
Funding supports ongoing RESET-RA study and FDA submissions for rheumatoid arthritis treatment.
Recent $80 million equity financing boosts development efforts.
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None.
Credit facility provides further flexibility to support company’s strategy and plans
VALENCIA, Calif.--(BUSINESS WIRE)--
SetPoint Medical, a clinical-stage healthcare company dedicated to patients with chronic autoimmune diseases, today announced a senior secured term loan facility of up to $65 million from Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to both venture and non-venture backed companies. The loan is an expansion of an existing credit facility with Runway. The company recently announced an $80 million equity financing to advance its novel platform for the treatment of autoimmune disease.
The funds will be used to complete the ongoing RESET-RA study and subsequent U.S. Food and Drug Administration (FDA) regulatory submissions and early commercialization for the company’s rheumatoid arthritis (RA) indication. The SetPoint system is designed for patients with RA who have incomplete response to or are intolerant to biologic drugs. The system consists of a miniaturized stimulation device placed on the vagus nerve through a small incision on the left side of the neck in an outpatient procedure. The vagus nerve stimulation activates innate anti-inflammatory pathways on a preset schedule.
“We are pleased to continue our relationship with Runway,” said Murthy V. Simhambhatla, Ph.D., President and CEO of SetPoint Medical. “This non-dilutive debt financing provides additional support and flexibility as we advance our mission and progress toward completing the RESET-RA study. We are confident that we have the right lender and partner to advance the development and early commercialization of our novel therapeutic platform for patients with chronic autoimmune conditions.”
“We are excited to support SetPoint Medical and partner with such a forward-thinking company in the chronic autoimmune disease space,” said Igor DaCruz, Managing Director, Life Sciences, Runway Growth Capital. “Runway believes the SetPoint Medical team is well positioned to improve the lives of patients and their families, who in many cases may have exhausted their biologic options for relief.”
About SetPoint Medical
SetPoint Medical is a privately held clinical-stage healthcare company dedicated to treating patients with chronic autoimmune diseases. The company is developing a novel platform designed to stimulate the vagus nerve to activate the inflammatory reflex to produce a systemic immune-restorative effect. SetPoint Medical’s platform technology is designed to offer patients and providers a treatment alternative for rheumatoid arthritis, inflammatory bowel disease and other chronic autoimmune conditions with potentially less risk and cost than drug therapy. For more information, visit www.setpointmedical.com.
About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $100 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth's filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
