MOUNTAIN VIEW, Calif., Aug. 10, 2018 /PRNewswire/ -- BioElectron Technology Corporation (BioElectron), a late clinical-stage platform biotechnology company, announced today the closing of $40 million of debt financing from Solar Capital Partners and its affiliates.
BioElectron will use this funding to support activities related to its continued development and planned commercial launch of EPI-743, a pre-NDA state compound that targets inherited mitochondrial disease. The financing will also support the advancement of BioElectron's existing clinical and pre-clinical pipeline of first-in-class redox therapeutics.
"This financing provides non-dilutive capital at a critical juncture for the Company as we look to advance EPI-743 to approval and commercial launch," said Dr. Matthew Klein, BioElectron CEO. "In addition, we are very pleased to be initiating this relationship with Solar Capital."
EPI-743 is a pre-NDA stage compound for the treatment of inherited mitochondrial disease. A second clinical-stage compound, EPI-589, is being developed for the treatment of adult neurodegenerative diseases. BioElectron has also developed a discovery platform that leverages the Company's unique expertise in the chemistry of a specific set of enzymes—oxidoreductases—critical to the regulation of inflammation, oxidative stress, and ferroptosis. This comprehensive discovery platform has yielded a rich pre-clinical pipeline of first-in-class molecules targeting pathways critical to central nervous system disease pathology and systemic inflammatory disorders.
To date, BioElectron's discovery and clinical development efforts have been supported through investments from private investors, venture capital groups, and patient foundations, as well as a strategic partnership with Sumitomo Dainippon Pharma Co., Ltd.
Located in Mountain View, CA, BioElectron is a clinical-stage biotechnology company utilizing its expertise in the chemistry of energy regulation (redox chemistry) to develop first-in-class therapeutics for genetic and acquired diseases of energy. The Company has been a leader in the development of drugs for the treatment of inherited mitochondrial disease. Through reverse engineering the amplified clinical and biochemical signals of energy dysregulation in mitochondrial disease patients, the Company has identified a number of enzyme targets essential to the regulation of inflammation, oxidative stress and ferroptosis in biological systems. BioElectron can uniquely drug these enzyme targets to develop therapeutic solutions beyond the reach of current drug development approaches.
About Solar Capital Partners
Solar Capital Partners is an SEC-registered investment adviser that primarily invests in U.S. middle market companies in the form of cash flow and asset-based senior secured loans. Currently, Solar Capital Partners manages over $5 billion of investable capital across its public and private funds and separately managed accounts, including serving as the investment adviser to two publicly-traded Business Development Companies, Solar Capital Ltd. and Solar Senior Capital Ltd. Solar Capital Partners' life science lending business provides financing solutions for later-stage bio-pharma, medical device, healthcare IT and healthcare services companies, both venture-backed private and public, and from pre-revenue clinical to early commercial stage. For more information, please visit http://www.solarcapltd.com/Life-Science-Lending.
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