Eye­ing a drug launch in ear­ly ’20, Es­pe­ri­on lines up a new, $200M fund­ing deal

Es­pe­ri­on CEO Tim Mayleben has fat­tened the biotech’s cash re­serves with an ex­tra $200 mil­lion as he lays the foun­da­tion for the pro­ject­ed com­mer­cial launch of be­mpe­doic acid next year.

Ober­land Cap­i­tal stepped up with the loan, hand­ing over $125 mil­lion now, promis­ing $25 mil­lion more once the FDA OKs the cho­les­terol-low­er­ing drug and leav­ing $50 mil­lion avail­able as need­ed.

The fresh in­jec­tion of funds comes 6 months af­ter Dai­ichi Sankyo agreed to pay $300 mil­lion in an up­front and near-term mile­stones to se­cure Eu­ro­pean rights to the drug. And now, says the CEO $ES­PR, the new pack­age “more than ob­vi­ates the need for any fu­ture fund­ing.”

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