Trevi Therapeutics, Inc. (“Trevi”), a late-stage clinical development
company focused on developing Nalbuphine
ER for chronic pruritus conditions, today announced the closing of a
$15 million senior secured term loan agreement provided by Solar Capital
Ltd. (“Solar Capital”) as collateral agent and lender and Square 1 Bank
as lender.
“This financing is an important step for Trevi as we complete the
funding for our ongoing clinical trials of Nalbuphine ER in uremic
pruritus and prurigo nodularis,” said Jennifer Good, President and CEO.
“Trevi is developing therapeutic alternatives for the relief of severe
chronic itch conditions which currently have no approved therapies in
the US,” said Anthony Storino, head of healthcare venture lending at
Solar Capital. “Solar Capital is pleased to lead this financing to
support the company’s ongoing development efforts.”
“Square 1 is proud to partner with Trevi as they continue to move their
trials forward in this important area of unmet need,” added Mara
Huntington, senior vice president at Square 1 Bank. “Supporting
therapeutics that improve patient quality of life is important to us at
Square 1.”
About Trevi Therapeutics
Trevi Therapeutics, Inc. is a late-stage clinical development company
focused on developing Nalbuphine ER for chronic pruritus (itch).
Pruritus develops in various dermatologic, metabolic, hematologic and
neuropathic conditions. The Company is pursuing two conditions for
clinical development: uremic pruritus and prurigo nodularis. Uremic
pruritus is a persistent and debilitating itch in patients on dialysis
that has been associated with increased mortality. Trevi initiated a
pivotal trial in uremic pruritus in mid-2014 and expects to report
results in mid-2015. Prurigo nodularis is a chronic dermatologic
condition characterized by severely pruritic nodules on the skin that
are independent of underlying etiology. There are no approved therapies
in the US or EU for either condition.
Nalbuphine ER is an oral extended release opioid with a unique opioid
receptor dual agonist/antagonist mechanism of action, which has shown
efficacy in addressing pruritus in both animal studies and human
clinical trials. Because of Nalbuphine ER’s dual mechanism of action,
the company believes it can have broad utility in treating chronic
pruritus. Founded in 2011, Trevi is headquartered in New Haven, CT.
About Solar Capital Ltd.
Solar Capital Ltd. (ticker: SLRC) is a closed-end investment company
that has elected to be treated as a business development company under
the Investment Company Act of 1940. Solar Capital primarily invests in
leveraged, middle market companies in the form of senior secured loans,
unitranche loans, mezzanine loans, and equity securities. Solar Capital
Partners, the investment advisor to Solar Capital Ltd., has invested
approximately $4.5 billion in more than 170 different portfolio
companies since it was founded in 2006 and completed transactions with
more than 100 different financial sponsors and venture capital firms.
Solar Capital’s healthcare lending segment provides financing solutions
for bio-pharma, medical device, healthcare IT and healthcare services
companies, both venture-backed private and public, and from pre-revenue
clinical to commercial stage.
About Square 1 Bank
Square 1 Bank (ticker: SQBK) is a full service commercial bank dedicated
exclusively to serving the financial needs of the venture capital
community and entrepreneurs in all stages of growth and expansion.
Square 1's expertise, focus and strong capital base provide flexible
resources and unmatched support to meet our clients’ needs. Square 1 has
offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham,
Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley
and Washington, DC. For more information, visit www.square1bank.com.
Copyright Business Wire 2015