$10 million
funded at close extends cash runway into mid-2026
LA
JOLLA, Calif., March 5,
2025 /PRNewswire/ -- CalciMedica Inc. ("CalciMedica"
or the "Company") (Nasdaq: CALC), a clinical-stage
biopharmaceutical company focused on developing novel calcium
release-activated calcium (CRAC) channel inhibition therapies for
acute and chronic inflammatory and immunologic illnesses, today
announced that the Company has entered into a credit facility with
Avenue Venture Opportunities Fund II, L.P., a fund of Avenue
Capital Group, providing up to $32.5
million. Proceeds from the facility are intended to support
the continued development of the Company's product pipeline.
The credit agreement, which has a term of 3.5 years, includes an
initial tranche of $10 million fully
funded at close and additional tranches of up to $22.5 million available to the Company subject to
certain milestones. There is no minimum cash requirement, nor other
financial covenants, in the agreement. With the net proceeds from
the first tranche of this facility, CalciMedica's cash
position is expected to fund current operations into the middle of
2026.
"This credit agreement provides CalciMedica with additional
flexibility as we prepare for multiple critical milestones
throughout 2025, including anticipated data from our Phase 2
KOURAGE trial of Auxora in patients with acute kidney injury and
hypoxemia," said Rachel Leheny,
Ph.D., Chief Executive Officer of CalciMedica. "Importantly, the
facility extends our cash runway to the middle of 2026, providing
us ample runway beyond the KOURAGE readout based on our current
enrollment projections and our anticipated discussions with the FDA
on the design of a Phase 3 program in acute pancreatitis."
"Avenue welcomes this opportunity to support CalciMedica in its
mission to deliver treatments to patients with high unmet need,"
said Chad Norman, Senior Portfolio
Manager of Avenue Venture Opportunities Fund. "We appreciate the
potential of its lead pipeline candidate, Auxora, to treat acute
inflammatory and immunologic diseases and look forward to its
continued progress in clinical trials."
About Avenue Venture Opportunities
The Avenue Venture
Debt Funds seek to provide creative financing solutions to
high-growth, venture capital-backed technology and life science
companies, focusing generally on companies within the underserved
segment of the market created by the widening financing gap between
commercial banks and larger debt funds. The Avenue Venture Debt
funds are part of the larger group of funds of Avenue Capital
Group. For additional information on Avenue Capital Group, which is
a global investment firm with assets under management of
approximately $12.1 billion, visit
www.avenuecapital.com.
About CalciMedica
CalciMedica is a clinical-stage
biopharmaceutical company focused on developing novel CRAC channel
inhibition therapies for inflammatory and immunologic
diseases. CalciMedica's proprietary technology targets
the inhibition of CRAC channels to modulate the immune response and
protect against tissue cell injury, with the potential to provide
therapeutic benefits in life-threatening inflammatory and
immunologic diseases for which there are currently no approved
therapies. CalciMedica's lead product
candidate Auxora™ has demonstrated positive and consistent
clinical results in multiple completed efficacy clinical trials.
CalciMedica has announced data for a Phase 2b trial (called CARPO – NCT04681066) in
patients with acute pancreatitis (AP) and accompanying systemic
inflammatory response syndrome (SIRS). The Company has also
completed a Phase 2 trial (called CARDEA – NCT04345614) in
patients with COVID pneumonia. The Company is currently conducting
a Phase 2 trial (called KOURAGE – NCT06374797) in patients
with acute kidney injury (AKI) with associated acute hypoxemic
respiratory failure (AHRF) with data expected in 2025 and
continuing to support the ongoing Phase 1/2 trial (called CRSPA
– NCT04195347) in pediatric patients with asparaginase-induced
pancreatic toxicity (AIPT) with data expected in
2025. CalciMedica was founded by scientists from Torrey
Pines Therapeutics and the Harvard CBR Institute for
Biomedical Research, and is headquartered in La Jolla,
CA. For more information, please
visit www.calcimedica.com.
Forward-Looking Statements
This communication contains
forward-looking statements which include, but are not limited to,
the expectations that the credit facility from Avenue Venture Debt
Funds will fund CalciMedica's current operations into the middle of
2026; potential funding from additional tranches that are
subject to certain milestones; CalciMedica's ongoing and
planned clinical trials and the timing, milestones and design
thereof, including its plans for an End-of-Phase 2 meeting with the
FDA and plans to progress a Phase 3 trial of Auxora in AP, its
ongoing Phase 1/2 CRSPA trial of Auxora in pediatric patients with
AIPT and its ongoing Phase 2 KOURAGE trial of Auxora in AKI with
associated AHRF; the potential benefits of Auxora for the treatment
of AP, AKI and AIPT; and the potential
of CalciMedica's proprietary technology to provide
therapeutic benefits in life-threatening inflammatory and
immunologic diseases. These forward-looking statements are subject
to the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. CalciMedica's expectations
and beliefs regarding these matters may not materialize. Actual
outcomes and results may differ materially from those contemplated
by these forward-looking statements as a result of uncertainties,
risks, and changes in circumstances. Risks and uncertainties that
could cause actual outcomes and results to differ materially from
those contemplated by the forward-looking statements are included
under the caption "Risk Factors"
in CalciMedica's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2024, filed with the U.S.
Securities and Exchange Commission (SEC) on November 13,
2024, and elsewhere in CalciMedica's subsequent reports
on Form 10-K, Form 10-Q or Form 8-K filed with
the SEC from time to time and available
at www.sec.gov. These documents can be accessed
on CalciMedica's web page
at ir.calcimedica.com/financials-filings/sec-filings. The
forward-looking statements contained herein are made as of the date
hereof, and CalciMedica undertakes no obligation to
update them after this date, except as required by law.
Contact Information
Argot Partners
Sarah Sutton/Kevin Murphy
calcimedica@argotpartners.com
(212) 600-1902
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SOURCE CalciMedica, Inc.
