REDWOOD CITY, Calif., Feb. 24 /PRNewswire/ -- Pearl Therapeutics announced today that it has secured $8 million in venture debt financing. Oxford Finance Corporation and Silicon Valley Bank, a member company of SVB Financial Group (Nasdaq: SIVB), provided the capital which will be drawn in two tranches.
"We are very pleased to be working with Oxford and SVB. They are experienced and committed lenders with strong records of success evaluating risk and enabling development stage companies, particularly in the life science sector," said Adrian Smith, President and Co-founder, Pearl Therapeutics. "Our ability to secure this credit facility in today's tough economic environment speaks to the company's performance and demonstrates the confidence our lenders have in Pearl's future."
The funds will supplement the $33.5MM in equity financing Pearl has secured to date, and will be used for general growth purposes as Pearl advances development of its expanding pipeline of products.
"We are very impressed with Pearl's management team, promising products, and technology that will treat and prevent chronic respiratory diseases," said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. "We look forward to supporting the company's progress toward achieving a leadership role in the respiratory space."
"Pearl is developing cutting edge therapeutics to address some of the most serious respiratory diseases," said Mercy Forde of Silicon Valley Bank. "SVB is proud to provide Pearl with financial resources it needs to continue to be successful and grow."
About Pearl Therapeutics, Inc.
Pearl is developing a portfolio of meaningfully differentiated products to
treat respiratory diseases including COPD and asthma. Using its proprietary
|SOURCE Pearl Therapeutics|
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