BRIDGEWATER, N.J., March 09, 2022 (GLOBE NEWSWIRE) -- Nevakar Inc. (“Nevakar”), a biopharmaceutical company developing multiple assets in the ophthalmic and injectable areas, announced today that it has closed on $12 million in convertible notes with both existing and new investors. In a related move, Nevakar and Oxford Finance LLC (“Oxford”), a leading specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, have agreed to an extension of the interest-only period on its existing debt.
“We are very pleased with the level of support we received for the convertible note offering. 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. 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,” stated Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar.
Morgan, Lewis & Bockius LLP served as legal counsel for Nevakar.
About Nevakar Inc.
Nevakar Inc. is a fully integrated privately held, late-stage biopharmaceutical company with an extensive portfolio of products in the ophthalmic and injectable areas. Founded in 2015, and headquartered in Bridgewater, New Jersey, the Company is focused on developing and commercializing innovative products to address unmet medical needs, thereby improving patients’ quality of life and healthcare outcomes. Nevakar utilizes the 505(b)(2) regulatory pathway, along with its proven expertise in the development of novel and proprietary sterile pharmaceutical products to identify, develop, and obtain regulatory approval for its products. Additional information is available at www.nevakar.com.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. Since 2002, Oxford has originated approximately $8.8 billion in loans. Oxford is headquartered in Alexandria, Virginia, with additional offices in California (San Diego, Palo Alto, and Los Angeles), and the greater Boston and New York City metropolitan areas. For more information, visit https://oxfordfinance.com.
Investor Contacts for Nevakar:
Marshall Woodworth
Chief Financial Officer
(908) 625-3547
E: mwoodworth@nevakar.com
Lisa M. Wilson
In-Site Communications, Inc.
T: (212) 452-2793
E: lwilson@insitecony.com
