DURHAM — Biocryst Pharmaceuticals Inc., a Durham-based company focused on rare disease drug development, announced it has received a $100 million loan from Midcap Financial Trust.
This loan will provide Biocryst with $20 million of immediate additional non-dilutive capital.
Biocryst will use the money primarily for development of its drug BCX7353. This drug was created for prevention of angioedema attacks, which cause rapid swelling under the lower layer of tissue of the skin and mucous membranes.
An additional $30 million will be available to the company once the drug shows sufficient, positive results from clinical trials and the company makes plans to file a new drug application with the U.S. Food and Drug Administration.
Upon FDA approval of BCX7353 for treatment of hereditary angiodema, Biocryst will have the option to draw an additional $20 million.
The drug was granted “Fast Track Designation” from the FDA in August 2018, giving it priority review and the potential to enter the market faster relative to non-Fast Track drugs because it will fulfill an unmet need in the pharmaceutical market.
Biocryst intends to file a new drug application by the end of 2019.
Its shares rose 28 cents, or 3.1 percent, to $9.35 in Wednesday afternoon trading.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism