Ocular Therapeutix, a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced that it has closed a refinancing of its existing debt by entering into a new $25.0 million term loan with MidCap Financial and Silicon Valley Bank.

The 5-year term loan facility allows for an expansion of the Company’s prior $18 million credit facility to $25.0 million, all of which was drawn at closing. The proceeds from the loan were used to repay the approximately $12.3 million remaining balance under the prior facility and provide an additional $12.0 million of new funds, net of expenses and fees. The restated and amended agreement extends the term of the credit facility until December 21, 2023 and permits the Company to make interest-only payments until January 1, 2021.

“We are pleased with the expansion and extension of our credit facility which not only strengthens our balance sheet with net new funds of $12.0 million but also improves near term cash flow through interest-only payments for the next 24 months, collectively extending the Company’s cash runway, based on current plans and forecasted expenses, into the third quarter of 2019,” said Donald Notman, Chief Financial Officer.