Taysha Gene Therapies Secures up to $100 Million Non-Dilutive Term Loan Financing
Taysha Gene Therapies (Nasdaq: TSHA) announced a loan agreement with Silicon Valley Bank providing up to $100 million in financing. Of this, $40 million is available at closing, with Taysha having drawn $30 million so far. This non-dilutive financing will enhance Taysha's financial flexibility to pursue various milestones, including a potential regulatory approval for TSHA-120 in giant axonal neuropathy. The interest rate for the loan will be the greater of 7.0% or the WSJ Prime Rate plus 3.75%.
- Secured a non-dilutive financing agreement of up to $100 million.
- Immediate access to $30 million enhances liquidity for operational activities.
- No financial covenants or warrants associated with the loan, offering flexibility.
- Loan interest rate could be high, starting at 7.0%.
- Potential risk associated with reliance on loan financing for operational funding.
Taysha Gene Therapies, Inc. (Nasdaq: TSHA), a patient-centric gene therapy company focused on developing and commercializing AAV-based gene therapies for the treatment of monogenic diseases of the central nervous system in both rare and large patient populations, today announced that it has entered into a loan and security agreement with Silicon Valley Bank (SVB) that provides Taysha with up to
“Access to this non-dilutive financing at an attractive cost of capital, along with the current cash on hand, will provide Taysha with operational and financial flexibility to achieve numerous value-generating milestones including a potential regulatory approval for TSHA-120 in giant axonal neuropathy, or GAN,” said RA Session II, Chief Executive Officer of Taysha. “Additional milestones include the release of Phase 1/2 data in the highest dose cohort in GAN, and Phase 1/2 data in GM2 gangliosidosis, Rett syndrome, CLN1 disease and SURF1-associated Leigh syndrome. We are pleased to partner with SVB as we continue to execute on our ambitious business plan.”
This non-dilutive financing provides Taysha with up to
“Our financial commitment to Taysha speaks to our confidence in its core strategies and is consistent with our support of innovative life sciences businesses,” said Michael White, Head of Business Development, Life Science & Healthcare, Silicon Valley Bank. “We are delighted to provide additional capital for the Company to further advance its robust development pipeline and achieve key value-generating milestones in the years to come.”
“In the last 12 months, we have quickly made the transition from a private to public company and from preclinical to clinical to pivotal-stage,” said Kamran Alam, Chief Financial Officer of Taysha. “Building upon this momentum, we expect this non-dilutive financing to enable us to be well positioned to maximize long-term stockholder value.”
About Taysha Gene Therapies
Taysha Gene Therapies (Nasdaq: TSHA) is on a mission to eradicate monogenic CNS disease. With a singular focus on developing curative medicines, we aim to rapidly translate our treatments from bench to bedside. We have combined our team’s proven experience in gene therapy drug development and commercialization with the world-class UT Southwestern Gene Therapy Program to build an extensive, AAV gene therapy pipeline focused on both rare and large-market indications. Together, we leverage our fully integrated platform—an engine for potential new cures—with a goal of dramatically improving patients’ lives. More information is available at www.tayshagtx.com.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning or implying the potential of our product candidates to positively impact quality of life and alter the course of disease in the patients we seek to treat, our research, development and regulatory plans for our product candidates, the anticipated use of proceeds from borrowings under the loan and security agreement, our ability to access the full
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FAQ
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