MORRISVILLE – Triangle biopharma Liquidia has doubled the size of its credit facility to $40 million after naming a new chief executive officer.
Liquidia (Nasdaq: LQDA) is working with Silicon Valley Bank on the additional financing. The two firms reached agreement on a $20.5 million credit facility in March of last year. Money will be used to “retire” its existing debt and provide cash going forward as the company moves toward approval for its inhalation power drug called Yutrepia which targets pulmonary arterial hypertension, or PAH.
Liquidia utilizes patented PRINT technology in drug development.
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Explained Scott McCarty, Director of Life Science and Healthcare at Silicon Valley Bank, about the deal: “We are delighted to continue to support Liquidia in their pursuit of addressing unmet patient needs in the pharmaceutical industry. Their investigational product, YUTREPIA, is a great example of what their PRINT® Technology can accomplish and has the potential to play a significant role in treating PAH.”
New CEO
The funding agreement comes a week after Liquidia named Roger Jeffs as its new executive officer. Previous CEO Damian deGoa will remain on the Liquidia board and act as an advisor to the company through Jan. 31, Liquidia said.
Jeffs is a former CEO of United Therapeutics, which he left in 2016.
Liquidia is embroiled in a patent dispute with United over the technology used to developed its PAH drug.
Jeffs earned an undergraduate degree in chemistry at Duke University and a Ph.D. in pharmacology from UNC-CH School of Medicine.
“Roger is a talented leader with incredible knowledge and experience in drug development and commercializing rare disease drugs with an outstanding track record specifically in pulmonary hypertension,” said Stephen Bloch, Liquidia’s board chair. “Roger’s guidance and leadership will help optimize Yutrepia inhalation powder upon approval and build our future pipeline.”
