BioCryst enters into $100mm loan facility with MidCap

BioCryst Pharmaceuticals Inc. (developing oral small-molecule therapies that block key enzymes involved in rare diseases) entered into a $100mm secured loan facility with MidCap Financial Trust. The facility bears a variable interest rate (LIBOR + 8%) with a LIBOR floor of 0.5%, has an interest-only payment period through June 2020, and includes straight-line principal payments for 30 months commencing on July 1, 2020. The agreement replaces an existing $30mm secured loan facility with MidCap, provides $20mm of immediate additional non-dilutive capital, and BioCryst can draw down $50mm at its option ($30mm following positive data from the APeX-2 trial for BCX7353 in hereditary angioedema, and $20mm upon FDA approval of the therapy). BioCryst plans to file an NDA for BCX7353 by the end of 2019.