Aspen Neuroscience Inks $40 Million Debt Deal with Silicon Valley Bank

Rhea-AI Summary

Aspen Neuroscience, a private biotechnology firm, has secured a $40 million credit facility with Silicon Valley Bank (SVB) as of December 21, 2022. This financing enhances their financial flexibility and complements their earlier $147.5 million Series B funding aimed at advancing their lead product candidate for Parkinson's disease, ANPD001. The company is pioneering iPSC-derived autologous cell therapies and has commenced patient screening for clinical trials. SVB's support underscores their commitment to innovative healthcare solutions.

Positive

• Secured a $40 million credit facility enhancing financial flexibility.
• Complemented previous $147.5 million Series B funding.
• Progressed to patient screening for ANPD001 clinical trials.

Negative

• None.

SAN DIEGO, Dec. 21, 2022 /PRNewswire/ -- Aspen Neuroscience, Inc., a private biotechnology company developing autologous cell therapies including the first iPSC-derived autologous neuron replacement treatment for Parkinson's disease (PD), has signed a $40 million credit facility with Silicon Valley Bank (SVB). Deal terms were not disclosed.

"We are pleased to work with Silicon Valley Bank. As a leader in autologous cell therapy, Aspen lives at the intersection of tech and biology, and SVB is a premier strategic partner in both spaces," said Kameel Farag, Chief Financial Officer of Aspen Neuroscience. "This non-dilutive financing complements our Series B round from earlier in the year and provides significant financial flexibility on top of our already strong balance sheet."

The San Diego-based company has recently announced the achievement of key pre-clinical and corporate milestones, including raising $147.5 million in Series B financing to support the planned studies of the company's lead product candidate for Parkinson's Disease, ANPD001: a first-in-kind iPSC based autologous cell therapy. The company also recently announced the start of its trial ready patient screening cohort study for ANPD001.

"Aspen Neuroscience is pioneering important advancements in the use of bioinformatics-based artificial intelligence to drive autologous cell therapy development," said Michael White, Managing Director at Silicon Valley Bank. "We're pleased to expand our relationship with the Aspen Neuro team and support them as they continue to scale and grow."

About Aspen Neuroscience

Headquartered in San Diego, Aspen Neuroscience, Inc. is a development stage, private biotechnology company focused on personalized (autologous) cell therapies. The company is developing induced-pluripotent stem cells (iPSCs) to address diseases with high unmet medical need, beginning with autologous neuron replacement for both sporadic and genetic forms of Parkinson's disease (PD) and extending across the brain and affected organs.

A leading iPSC platform company, Aspen combines stem cell biology with the latest artificial intelligence and genomic approaches to investigate patient-specific, restorative treatments. The company has developed a best-in-class platform to create and characterize pluripotent-derived cell medicines, which includes in-house bioinformatics, manufacturing and QC. For more information and important updates, please visit http://www.aspenneuroscience.com.

About Silicon Valley Bank

Silicon Valley Bank, the bank of the world's most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB's core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.

Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license. [SIVB-C]

 

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SOURCE Aspen Neuroscience, Inc.

FAQ

What is the purpose of Aspen Neuroscience's $40 million credit facility with Silicon Valley Bank?

The $40 million credit facility is intended to enhance Aspen Neuroscience's financial flexibility while advancing their autologous cell therapies for Parkinson's disease.

When did Aspen Neuroscience announce their credit facility with Silicon Valley Bank?

Aspen Neuroscience announced the $40 million credit facility on December 21, 2022.

How much funding did Aspen Neuroscience raise in their Series B round?

Aspen Neuroscience raised $147.5 million in their Series B funding round earlier in 2022.

What is the significance of the ANPD001 project for Aspen Neuroscience?

ANPD001 is Aspen Neuroscience's lead product candidate, aimed at providing iPSC-derived autologous neuron replacement treatment for Parkinson's disease.

Who is the CFO of Aspen Neuroscience and what did they say about the deal with SVB?

Kameel Farag is the CFO of Aspen Neuroscience, who expressed satisfaction in partnering with SVB to enhance their financial strategy.