New Haven, Conn, Feb. 9, 2015 (GLOBE NEWSWIRE) -- Melinta Therapeutics announced today that it has entered into a $30 million growth capital debt financing agreement with Hercules Technology Growth Capital, Inc. (NYSE:HTGC). The initial funding of $20 million closed in December 2014. Melinta has the option, under the terms of the agreement, to draw an additional $10 million tranche in 2015 upon achievement of certain milestones. The capital raised from this financing will be used to advance Melinta's pipeline, which includes delafloxacin, an investigational fluoroquinolone undergoing a confirmatory Phase 3 study for the treatment of patients with acute bacterial skin and skin structure infections (ABSSSI), and to repay an existing term loan and for general corporate purposes.
"This transaction provides Melinta with flexible working capital to support our ongoing clinical development of delafloxacin, which has completed one Phase 3 trial in patients with ABSSSI and is on schedule to complete a second, with final Phase 3 data anticipated later this year. In addition, proceeds will support our early stage ESKAPE Pathogen Program, which we expect to yield one or more lead compounds in the next several months," explained Mary Szela, chief executive officer of Melinta. "Throughout the process, Hercules proved to be an excellent partner who took the time to understand the elements of our business and corporate strategy."
"We are impressed with the strong clinical and business development progress Melinta has made in the past two years under this new management team: advancing delafloxacin through two Phase 3 ABSSSI trials and completing strong business development transactions," added Anup Arora, managing director of Hercules Technology Growth Capital. "Our financial support of Melinta fits our stated goal of supporting the growth and milestone achievement of entrepreneurial companies. We look forward to being a part of Melinta's growth and success."
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology, at all stages of development. Since inception (December 2003), Hercules has committed more than $4.6 billion to over 300 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.
Hercules' common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of 7.00% Senior Notes due April 2019, 7.00% Senior Notes due September 2019, and 6.25% Senior Notes due July 2024, which trade on the NYSE under the symbols "HTGZ", "HTGY," and "HTGX," respectively.
About Melinta Therapeutics
Melinta Therapeutics, Inc. is dedicated to the discovery, development and commercialization of groundbreaking antibiotics to overcome drug-resistant, life-threatening infections. The need for new therapies for drug-resistant infections is widely recognized as one of the most serious public health issues facing the world today. To meet this need, Melinta Therapeutics is rapidly progressing its late-stage investigational antibiotic, delafloxacin, which is currently in Phase 3 development for acute bacterial skin and skin structure infections (ABSSSI). Delafloxacin has been designated a Qualified Infectious Disease Product (QIDP) for both ABSSSI and community-acquired bacterial pneumonia by the U.S. Food and Drug Administration. A key initiative at Melinta is to develop, through the application of Nobel Prize-winning science, a new class of antibiotics designed to overcome the drug-resistant ESKAPE pathogens known to cause serious hospital infections. Melinta Therapeutics is privately held and backed by lead investor Vatera Healthcare Partners among other private investors. The company is headquartered in New Haven, CT with offices in Lincolnshire, IL. Visit www.melinta.com for more information.