Biopharmaceutical company Nevakar announced March 9 it closed on $12 million in convertible notes with both existing and new investors.
Additionally, the Bridgewater-based company and Oxford Finance LLC — a specialty finance firm that provides senior debt to life sciences and health care services companies — agreed to an extension of the interest-only period on its existing debt.
“The convertible note, combined with the extension of the interest-only period by Oxford, are important components of our financing strategy and will allow for the continued development of our various programs,” Navneet Puri, founder, chairman and CEO of Nevakar, said in a statement.
“We have a lot to look forward to in 2022. We anticipate our first commercial launch, additional FDA approvals and filings, as well as the data readout for the Phase III clinical study for NVK002, Vyluma’s first-in-class pharmaceutical treatment for slowing the progression of myopia in children,” Puri continued.
Morgan, Lewis & Bockius LLP served as legal counsel for Nevakar.
Founded in 2015, Nevakar is a fully integrated, privately held, late-stage biopharmaceutical company with a portfolio of products in the ophthalmic and injectable areas.