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Hercules Capital, Inc. (HTGC)

NYSE - NYSE Delayed Price. Currency in USD
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17.18+0.20 (+1.18%)
At close: 4:00PM EDT
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Previous close16.98
Bid16.25 x 1100
Ask0.00 x 1100
Day's range16.93 - 17.30
52-week range9.87 - 17.72
Avg. volume720,108
Market cap1.988B
Beta (5Y monthly)1.54
PE ratio (TTM)6.14
EPS (TTM)2.80
Earnings date28-Jul-2021 - 02-Aug-2021
Forward dividend & yield1.28 (7.45%)
Ex-dividend date11-May-2021
1y target est18.35
  • SCYNEXIS Secures Term Loan Facility for up to $60 Million with Hercules Capital and Silicon Valley Bank

    SCYNEXIS Secures Term Loan Facility for up to $60 Million with Hercules Capital and Silicon Valley Bank

    Together with SCYNEXIS’ $93M cash balance at 12/31/20, the non-dilutive capital injections from this term loan, the recent licensing payments from Hansoh Pharma, and the monetization of 2020 New Jersey NOLs further strengthen SCYNEXIS’ balance sheet and projected cash runway into 2023 On track for anticipated June 1st approval of ibrexafungerp for the treatment of vaginal yeast infections and commercial launch in the second half of 2021 JERSEY CITY, N.J., May 14, 2021 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported that it has secured a $60 million term loan facility with Hercules Capital, Inc. (NYSE: HTGC) and Silicon Valley Bank (SVB). The capital strengthens SCYNEXIS’ balance sheet ahead of the anticipated commercial launch of Brexafemme, the expected trade name for ibrexafungerp, an oral antifungal product candidate for the treatment of vaginal yeast infections, which is under regulatory review by the U.S. Food and Drug Administration (FDA) with a PDUFA target action date of June 1, 2021. This non-dilutive financing further extends SCYNEXIS’ projected cash runway into 2023, based on current operating plans. “This term loan facility significantly strengthens our balance sheet ahead of our first commercial launch,” said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. “Following our transformative $85M equity financing in December 2020, we have successfully pursued a variety of sources of non-dilutive capital, including a $10M upfront licensing payment from Hansoh Pharma, monetization of $4.2M of our 2020 New Jersey NOLs and, now, this loan facility, with $20M at closing and another $10M anticipated this quarter upon FDA approval of Brexafemme. This non-dilutive cash, on top of the $93M available at the end of 2020, provides the resources to fund not only this year’s anticipated commercial launch of Brexafemme for vaginal yeast infections, but also the continued advancement of our ibrexafungerp pipeline in recurrent vulvovaginal candidiasis (VVC) and in life-threatening fungal infections in the hospital setting, including the CDC-designated urgent threat, Candida auris.” Bryan Jadot, Senior Managing Director and Life Sciences Group Head for Hercules Capital, added, “Hercules is proud to partner with SCYNEXIS ahead of the potential Brexafemme launch, and to support its work to advance the first new antifungal class in over 20 years. The substantial capital commitment from Hercules aims to facilitate SCYNEXIS’ growth and expansion of ibrexafungerp into other antifungal indications with high unmet need, and reflects our dedication to financing promising life sciences companies.” “SCYNEXIS is driving important advancements in developing anti-infectives and we are excited to expand our relationship with the SCYNEXIS team to support their next phase of growth,” said Tom Gordon, Managing Director of Life Science and Healthcare at Silicon Valley Bank. The $60M loan facility is available to SCYNEXIS in four tranches: SCYNEXIS receives the first tranche of $20M as part of the closing of the term loan facility; the second tranche of $10M will be triggered by FDA approval of ibrexafungerp for the treatment of vaginal yeast infections, and will be available through June 30, 2022; the third tranche of $5M will be triggered by the additional achievement of the primary endpoint in the CANDLE study, and will be available through June 30, 2022; and the remaining $25M in the fourth tranche will be available to SCYNEXIS from January 1, 2022 through December 31, 2023 in $5M increments, subject to certain terms and conditions, including in connection with net product revenues for ibrexafungerp over time. The term loan has a 30-month interest-only period from date of closing, extendable to 36 months upon FDA approval of ibrexafungerp for the treatment of vaginal yeast infections and up to 48 months upon achievement of certain conditions. The maturity date of the loan is on March 3, 2025, but would be automatically extended to May 1, 2025 upon the occurrence of certain conditions set forth in the loan documentation. Armentum Partners served as the company’s financial advisor in connection with the loan facility. Additional details of the loan agreement will be filed with the Securities and Exchange Commission on a Current Report on Form 8-K. About Brexafemme® (ibrexafungerp)Brexafemme is the expected trade name for ibrexafungerp, an oral antifungal product candidate under regulatory review for the treatment of vaginal yeast infection, also known as vulvovaginal candidiasis (VVC). Its mechanism of action, glucan synthase inhibition, is fungicidal against Candida species, meaning it kills fungal cells. A New Drug Application (NDA) for Brexafemme is under review by the U.S. Food and Drug Administration (FDA) with a Prescription Drug User Fee Act (PDUFA) action date of June 1, 2021. The NDA is supported by positive results from two Phase 3, randomized, double-blind, placebo-controlled, multi-center studies (VANISH-303 and VANISH-306), in which oral ibrexafungerp demonstrated statistically superior efficacy and a favorable tolerability profile in women with VVC. If approved, Brexafemme would represent the first novel antifungal class in over 20 years and would be the first and only non-azole treatment for vaginal yeast infections. About SCYNEXISSCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. Our lead candidate, ibrexafungerp (formerly known as SCY-078), is a broad-spectrum, IV/oral antifungal agent representing a novel therapeutic class, is currently under regulatory review for the treatment of vaginal yeast infection, also known as vulvovaginal candidiasis (VVC), and in late stage development for the treatment of life-threatening fungal infections in hospitalized patients. The SCYNEXIS team has deep expertise in anti-infective drug development and marketing, which can be leveraged to advance ibrexafungerp from clinical development to commercialization. For more information, visit Forward Looking Statement Statements contained in this press release regarding expected future events or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the adequacy of SCYNEXIS’ funding to support its Brexafemme U.S. launch in the second half of the year and further extending its cash runway into 2023 and statements regarding timelines for review and approval of ibrexafungerp for the treatment of VVC. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited, to: risks inherent in obtaining FDA approval for ibrexafungerp; the expected costs of studies and when they might begin or be concluded; SCYNEXIS’ need for additional capital resources; SCYNEXIS' reliance on third parties to conduct SCYNEXIS' clinical studies; and the three remaining tranches under the term loan may only be drawn upon if the trigger conditions are met which, if those conditions do not occur, the remaining portions of the term loan will not be available to SCYNEXIS. These and other risks are described more fully in SCYNEXIS' filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-Kunder the caption "Risk Factors," and in other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. CONTACT: Investor RelationsIrina KofflerLifeSci AdvisorsTel: (646) Media RelationsGloria GasaaturaLifeSci CommunicationsTel: (646)

  • AGTC Announces Expansion of Manufacturing and Analytics Capabilities to Advance Commercialization of Gene Therapy Product Candidates

    AGTC Announces Expansion of Manufacturing and Analytics Capabilities to Advance Commercialization of Gene Therapy Product Candidates

    - Company plans to lease 21,000 square foot build-to-suit cGMP manufacturing facility adjacent to its Florida facility - - Obtained additional $10 million in debt and maturity extension under an amended loan agreement with Hercules - GAINESVILLE, Fla. and CAMBRIDGE, Mass., May 13, 2021 (GLOBE NEWSWIRE) -- Applied Genetic Technologies Corporation (Nasdaq: AGTC), a biotechnology company conducting human clinical trials of adeno-associated virus (AAV)-based gene therapies for the treatment of rare diseases, today announced that it has initiated plans to lease a build-to-suit 21,000 square foot current Good Manufacturing Practices (cGMP) manufacturing and quality control facility adjacent to its Florida facility to prepare for anticipated late-stage development of its X-Linked Retinitis Pigmentosa (XLRP) and Achromatopsia (ACHM) programs. Build-out of this cGMP facility, which is expected to be completed in the second half of 2022, is part of the Company’s strategy to enable more rapid filing of a Biologics Licensing Application and commercial launch of its XLRP candidate upon potential United States Food and Drug Administration (FDA) approval. The cGMP facility is also expected to support more rapid advancement of the Company’s product pipeline while providing supply chain redundancy and reducing manufacturing risk. “This manufacturing build-out reinforces our commitment to the advancement of our XLRP candidate through a Phase 2/3 clinical trial and, if approved, eventual commercialization. We are taking steps to increase control over our cGMP manufacturing and analytical release to ensure that we can meet anticipated future demand for our current clinical candidates and our exciting pre-clinical opportunities,” said Sue Washer, President and Chief Executive Officer of AGTC. “This state-of-the-art manufacturing facility will provide us with the flexibility to pursue additional indications that have large patient populations and/or require substantially higher doses to provide efficacy.” The Company presented new data from two studies related to improvements in the manufacturing process for its XLRP gene therapy candidate on May 11, 2021 at the American Society of Gene & Cell Therapy (ASGCT) 24th Annual Meeting, which was held virtually May 11-14, 2021. These improvements will support manufacturing and quality release for the Phase 2/3 Vista trial by our current manufacturing partners, and potential late-stage trials for ACHM as the Company works toward finalizing a commercial manufacturing process that could meet potential market demand. On May 6, 2021, AGTC reported new data from its ongoing Phase 1/2 XLRP clinical trial that further support the best-in-class potential of its XLRP candidate. The updated data among patients who met the inclusion criteria for the Skyline and Vista trials show a 50% response rate in Groups 5 and 6 at month 12 based on improvements in visual sensitivity; a statistically significant difference with respect to visual acuity in treated compared with untreated eyes for patients in Groups 2, 4, 5 and 6 and month 12; and continued durability of response at month 24 in two of three Group 4 patients available for evaluation at the time point. The complete 12-month data will be presented at the American Academy of Ophthalmology annual meeting in November 2021 and the Company remains on track to report 3-month masked interim Skyline data in the fourth quarter of 2021, 12-month Skyline data in the third quarter of 2022, and 6-month masked interim Vista the fourth quarter of 2022. “We are confident that our expanding body of data supports the unparalleled potential of our XLRP product candidate, and we are moving quickly to advance commercialization plans on multiple fronts,” said David R. Knop, Ph.D., Vice President of Process Development at AGTC. “We have developed a robust, reproducible, scalable and highly productive AAV manufacturing process and associated analytics, which allows for a modest sized facility to fulfill supply requirements through commercialization.” The Company plans to support its cGMP manufacturing and quality control strategic investment through a combination of robust tenant improvement allowances and tiered rental rates during construction of the build-to-suite facility. Equally as important, on May 13, 2021, the Company amended its Loan and Security Agreement (the “Loan Agreement”) with Hercules Capital, Inc. (NYSE: HTGC). Under the amended Loan Agreement, a second term loan advance of $10.0 million was authorized and advanced to the Company. Additionally, the interest-only period and loan maturity date were extended to March 31, 2022 and April 1, 2024, respectively, and, in the event that the Company meets certain conditions, including achievement of performance milestones, the Company has the ability to further extend those dates. The Company also has the right, subject to the lenders’ sole discretion, to receive additional term loan advances of up to $5.0 million prior to April 1, 2022 or, if certain conditions are satisfied, then prior to January 1, 2023. All other material terms of the Loan Agreement were unchanged. "This additional funding from Hercules Capital will support AGTC’s investment in internal manufacturing capabilities, while further advancing its clinical pipeline. We are pleased to be able to amend our current debt facility and provide the additional growth capital to support these efforts," said Bryan Jadot, Senior Managing Director and Life Sciences Group Head for Hercules. About AGTCAGTC is a clinical-stage biotechnology company developing genetic therapies for people with rare and debilitating ophthalmic, otologic and central nervous system (CNS) diseases. AGTC is a leader in designing and constructing all critical gene therapy elements and bringing them together to develop customized therapies that address real patient needs. AGTC’s most advanced clinical programs leverage its best-in-class technology platform to potentially improve vision for patients with an inherited retinal disease. AGTC has active clinical trials in X-linked retinitis pigmentosa (XLRP) and achromatopsia (ACHM CNGB3 and ACHM CNGA3). Its preclinical programs build on the Company’s industry leading AAV manufacturing technology and scientific expertise. AGTC is advancing multiple important pipeline candidates to address substantial unmet clinical need in optogenetics, otology and CNS disorders. In recent years AGTC has entered into strategic partnerships with companies including Otonomy, Inc., a biopharmaceutical company dedicated to the development of innovative therapeutics for neurotology, and Bionic Sight, LLC, an innovator in the emerging field of optogenetics and retinal coding. Forward-Looking Statements This release contains forward-looking statements that reflect AGTC's plans, estimates, assumptions and beliefs. Forward-looking statements include information about the Company’s planned build-to-suit lease, the expected timing for the build out of the facility and its potential to support early-stage pipeline programs, possible or assumed future results of operations, financial guidance, business strategies and operations, preclinical and clinical product development and regulatory progress and the expected timing thereof, potential growth opportunities, potential market opportunities and the effects of competition. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Actual results could differ materially from those discussed in the forward-looking statements, due to a number of important factors. Risks and uncertainties that may cause actual results to differ materially include, among others: risks related to new construction; gene therapy is still novel with only a few approved treatments so far; AGTC cannot predict when or if it will obtain regulatory approval to commercialize a product candidate or receive reasonable reimbursement; uncertainty inherent in clinical trials and the regulatory review process; risks and uncertainties associated with drug development and commercialization; factors that could cause actual results to differ materially from those described in the forward-looking statements are set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent management's plans, estimates, assumptions and beliefs only as of the date of this release. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. AGTC IR/PR CONTACTS: David Carey (IR) or Glenn Silver (PR)Lazar FINN PartnersT: (212) 867-1768 or (646) or Corporate Contacts:Bill SullivanChief Financial OfficerApplied Genetic Technologies CorporationT: (617) 843-5728 Stephen PotterChief Business OfficerApplied Genetic Technologies CorporationT: (617)

  • Hercules Capital Reports First Quarter 2021 Financial Results
    Business Wire

    Hercules Capital Reports First Quarter 2021 Financial Results

    Hercules Capital, Inc. (NYSE: HTGC) ("Hercules" or the "Company"), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced its financial results for the first quarter ended March 31, 2021.