Trevena Announces Receipt of First $15 million Tranche in Connection with its $40 million ex-US Royalty-Based Financing with R-Bridge Healthcare Fund
Trevena, Inc. (Nasdaq: TRVN) announced a significant financing milestone, receiving the first $15 million tranche from R-Bridge Healthcare Fund as part of a royalty-based agreement. This deal includes further funding of $15 million upon the first commercial sale of OLINVYK® in China and an additional $10 million contingent on achieving specific milestones. Trevena retains all milestone payments from its partner, Jiangsu Nhwa Pharmaceutical, including a critical $3 million milestone tied to OLINVYK's approval in China by year-end 2023.
- Received $15 million from R-Bridge Financing.
- Potential for an additional $15 million upon OLINVYK's first sale in China.
- Retains $3 million milestone upon OLINVYK's Chinese approval.
- US revenue interest capped at $10 million if Chinese approval is received by year-end 2023; increases to 7% without approval.
- Financial returns contingent on OLINVYK performance in China, introducing uncertainties.
CHESTERBROOK, Pa., April 18, 2022 (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced receipt of the first
The R-Bridge Financing calls for an initial
The R-Bridge Financing will be repaid through assignment to R-Bridge of all royalties from the Company’s license with its partner in China, Jiangsu Nhwa Pharmaceutical (Nhwa) and through a
About OLINVYK® (oliceridine) injection
OLINVYK is a new chemical entity approved by the FDA in August 2020. OLINVYK contains oliceridine, an opioid, which is a Schedule II controlled substance with a high potential for abuse similar to other opioids. It is indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. OLINVYK is available in 1 mg/1 mL and 2 mg/2 mL single-dose vials, and a 30 mg/30 mL single-patient-use vial for patient-controlled analgesia (PCA). Approved PCA doses are 0.35 mg and 0.5 mg and doses greater than 3 mg should not be administered. The cumulative daily dose should not exceed 27 mg. Please see Important Safety Information, including the BOXED WARNING, and full prescribing information at www.OLINVYK.com.
About Trevena
Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative medicines for patients with CNS disorders. The Company has one approved product in the United States, OLINVYK® (oliceridine) injection, indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. The Company’s novel pipeline is based on Nobel Prize winning research and includes four differentiated investigational drug candidates: TRV045 for diabetic neuropathic pain and epilepsy, and TRV027 for acute respiratory distress syndrome and abnormal blood clotting in COVID-19 patients, TRV250 for the acute treatment of migraine and TRV734 for maintenance treatment of opioid use disorder.
For more information, please visit www.Trevena.com
About R-Bridge (CBC Group)
CBC Group is Asia’s largest and most active healthcare-dedicated investment firm with over US
Founded in February 2020, R-Bridge Healthcare Fund is an affiliate of CBC Group and it is dedicated in providing alternative, non-dilutive financing backed by royalties, revenue interest and other cash flows generated by the sale of healthcare products and services in China, the first of its kind for the asset class and the region. R-Bridge provides additional sources of capital to leading healthcare companies to continue their extraordinary growth trajectories, commercializing their products and services in China and on a global scale.
For more information, please contact:
Investor Contact:
Dan Ferry
Managing Director
LifeSci Advisors, LLC
daniel@lifesciadvisors.com
(617) 430-7576
Company Contact:
Bob Yoder
SVP and Chief Business Officer
Trevena, Inc.
(610) 354-8840
FAQ
What is the recent financing agreement announced by Trevena, Inc. (TRVN)?
What are the financial implications for Trevena with the R-Bridge Financing?
How will Trevena repay the R-Bridge Financing?
What is the significance of OLINVYK in Trevena's product line?