EyePoint secures $60M debt facility to retire existing debt, support launches
EyePoint Pharmaceuticals announced that it has entered into a $60M debt facility with CR Group to retire existing debt and provide additional working capital to support the recent launch of YUTIQTM and the anticipated launch of DEXYCUTM expected later in the first quarter of 2019. The new facility consists of an initial draw of $35M, of which approximately $23M will repay principal, prepayment fees and other costs associated with the secured term loan obtained from SWK Funding LLC in connection with the acquisition of Icon Biosciences. The remaining net proceeds will provide additional working capital to support EyePoint's two product launches and general operations. EyePoint also has the option, at its sole discretion, to borrow an additional $15M prior to June 30, 2019. An additional $10M will be available on or before March 31, 2020 should the Company achieve certain sales milestones from its two commercial products, YUTIQ and DEXYCU. Throughout the facility's five-year term, the Company is required to make interest-only payments.