Funds managed by Oaktree Capital Management will provide $100 million in funding to Impel NeuroPharma, with $50 million of that amount in cash up front as part of a royalty agreement on net sales of Trudhesa dihydroergotamine (DHE) nasal spray and the other $50 million in the form of a credit facility. The FDA approved Trudhesa for the treatment of migraine in September 2021.
Impel NeuroPharma Chairman and CEO Adrian Adams said, “This non-dilutive financing provides Impel with immediate and sufficient capital to support the continued successful launch and commercialization efforts for Trudhesa. Additionally, this transaction meets our objectives of strengthening our balance sheet, while retaining for our shareholders the majority of upside from growing Trudhesa sales.”
Oaktree Co-Portfolio Manager of Life Sciences Lending Aman Kumar commented, “We are very excited to form a long-term strategic partnership with Impel by supporting the ongoing commercialization of Trudhesa and development of additional therapies utilizing the company’s innovative drug delivery technology. There is a significant unmet medical need for targeted therapies within the upper nasal cavity and Oaktree believes that Trudhesa offers a highly differentiated and important offering to acute migraine patients, further validated by the impressive launch metrics to date.”
Read the Impel NeuroPharma press release.
