DURHAM – Bioengineering startup Humacyte has secured $50 million in debt financing from Silicon Valley Bank as it prepares to go public through a SPAC merger with Alpha Healthcare Acquisition Corp.
The deal with the special purpose acquisition company was announced in February.
Humacyte secured the first $20 million from SVB at closing. The deal was announced Wednesday.
“This financing further strengthens Humacyte’s financial and operational flexibility as we advance the broad development of our pipeline, prepare for near-term Phase 3 data readouts of our potential first-in-class Human Acellular Vessels (HAVs) in arteriovenous vascular access and vascular trauma, and prepare to become a publicly traded company,” said Laura Niklason, Humacyte’s CEO. “We are grateful for the support from SVB, who share our vision for the potential of Humacyte’s universally implantable regenerative human tissue to transform the way we care for patients.”
Humacyte can access the remaining $30 million from SVB through three tranches if the company reaches “certain business and clinical development milestones,” the company said.
“We’re proud to support Humacyte and the development of their Human Acellular Vessels, a treatment which has the potential to bring life-changing solutions for patients affected by vascular degeneration,” said Scott McCarty, Director of Life Sciences and Healthcare at Silicon Valley Bank. “We look forward to continuing our relationship with Humacyte as they scale and grow.”