Palette Life Sciences Secures Loan Facility for Up to $40 Million with Silicon Valley Bank
-Financing Will Pave Way for Expansion of Product Portfolio and Global Footprint & Provides Sufficient Resources to Deliver on Key Milestones-
STOCKHOLM, Sweden and SANTA BARBARA, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Palette Life Sciences, a Swedish domiciled, fully integrated global life sciences company dedicated to improving patient outcomes, today announced that it has entered into a debt financing facility for up to $40 million (“debt facility”) with Silicon Valley Bank’s UK Branch. The non-dilutive capital provides further financial flexibility to support commercial and product development activities across its product continuum.
Under the terms of the debt facility, Palette Life Sciences can borrow up to $40 million in three tranches based on the achievement of certain regulatory and commercial milestones and other specified conditions.
Earlier this year Palette completed a $30 million equity financing. The investment was led by the Swedish privately held investment firm Melker Schörling AB and a global player in the Oncology space. Carnegie Investment Bank acted as financial advisor to the company.
Per Langö, CEO and Board Director of Palette Life Sciences, said “Securing this non-dilutive credit facility is a significant step forward for Palette Life Sciences. This will support the expansion of our global footprint and development of our portfolio of minimally invasive treatments targeting unmet medical needs in radiotherapy and interventional oncology procedures, urology/urogynecology disorders and colorectal conditions. This facility, combined with Palette Life Sciences’ previous equity financings provides sufficient resources to deliver on our key milestones.”
Palette Life Sciences’ product portfolio leverages its global rights to Non-Animal Stabilized Hyaluronic Acid (NASHA®), a mildly stabilized form of hyaluronic acid, as a foundational platform for its products that serve oncologic, pediatric and incontinence patients across the globe. NASHA has been proven safe and effective and has been used for more than 20 years in over 50 million medical procedures worldwide. Licensed by Palette from Galderma, NASHA’s proprietary attributes make it ideal for a broad range of medical uses.
Palette Life Sciences’ flagship product, Barrigel®, is made from NASHA. Barrigel is an injectable biodegradable material that separates the prostate from the rectum to protect it during radiation therapy treatment for prostate cancer. Barrigel is being developed for future market introduction in the United States, Japan and Latin America, and is approved for use in the EU and Australia.
James Leech, VP of Strategy & Corporate Development at Palette Life Sciences, stated “This debt financing provides Palette Life Sciences with considerable flexibility as we continue to expand upon our revenue generation and geographic footprint, including the sale of our exciting organ spacing product, Barrigel. The team can focus 100% of its resources on critical commercial and operational activities across the business.”
This debt financing showcases Silicon Valley Bank’s unique position as a key partner to Palette Life Sciences and the broader life sciences sector when it comes to growth financing. Ian Murchie, Director at Silicon Valley Bank UK Branch, added “This an important time for Palette Life Sciences as it continues to expand its product portfolio and geographic footprint. We are delighted to support the company to help bring its exciting offering to more patients in need of improved outcomes in urology and urogynecology disorders, colorectal conditions, radiotherapy, and interventional oncology procedures.”
About Palette Life Sciences
Palette Life Sciences is a fully integrated life sciences company. Palette Life Sciences’ products improve patient outcomes in urology and urogynecology disorders, colorectal conditions, radiotherapy, and interventional oncology procedures. The company’s portfolio of available products includes Deflux®, Barrigel®, Solesta®, and Lidbree™. Palette Life Sciences moves rapidly to leverage novel applications of existing technologies to create breakthrough medical solutions. This focus enables the company to serve those often overlooked by traditional medical companies and improve patient quality of life. Led by experienced healthcare executives, Palette Life Sciences is headquartered in Stockholm, Sweden, with offices in Santa Barbara, California, Dallas, Texas, and Sydney, Australia. Learn more at http://www.palettelifesciences.com.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative businesses and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centres around the world. With commercial and international banking services, SVB helps address the unique needs of innovators. Learn more at svb.com/uk.
Media Contact
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Lazar-FINN Partners
Erich.sandoval@finnpartners.com
(917) 497-2867
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