Oxford Finance has announced the closing of a $125 million senior secured term loan with Kala Pharmaceuticals. Proceeds from the transaction will be used to refinance existing indebtedness and provide additional growth capital for the company’s marketing of its two approved ophthalmic products.
Kala is marketing two approved ophthalmology products, Eysuvis for the short-term (up to 2 weeks) treatment of the signs and symptoms of dry eye disease (DED), and Inveltys for the treatment of postoperative inflammation and pain following ocular surgery. The company developed both products utilizing its proprietary Ampplify technology platform that creates mucus penetrating particles to enhance the delivery profile of loteprednol etabonate, the active pharmaceutical ingredient in each product.
“Kala’s commercial product, Eysuvis, is the only FDA-approved product to treat the acute flare-ups associated with dry eye disease,” Christopher A. Herr, senior managing director at Oxford, said in a company news release. “Approximately 80 percent of people living with dry eye disease suffer from these episodic flares. Oxford is proud to support a company that has developed a novel method to address significant unmet medical needs.”