EVANSTON, Ill.– Aptinyx Inc. (Nasdaq: APTX), a clinical-stage biopharmaceutical company developing transformative therapies for the treatment of brain and nervous system disorders, today announced that it has entered into a $50 million loan facility and security agreement with K2 HealthVentures (K2HV). The funds will provide general growth capital as Aptinyx advances its late-stage clinical pipeline of novel NMDA modulators.
“Access to this capital provides us with additional financial resources as we advance toward three Phase 2 clinical study readouts in 2022 and initiate two additional Phase 2 studies in the coming months,” said Norbert Riedel, Ph.D., chief executive officer of Aptinyx. “We are pleased with the terms of the loan and the flexibility this facility offers to Aptinyx. The K2HV team has an excellent track record of partnering with innovative growth companies and an astute perspective on R&D value creation. We appreciate their support as we advance our pipeline.”
Aptinyx will receive $15 million after execution of the loan agreement from K2HV, with an option to draw down an additional $10 million, which will support the future clinical development of multiple pipeline programs. Under the terms of the agreement, the remaining $25 million is subject to the achievement of certain terms and conditions, including regulatory and developmental milestones. Further information with respect to the loan agreement is set forth in a Form 8-K filed by Aptinyx with the Securities and Exchange Commission on September 16, 2021.
“Aptinyx is pioneering a novel approach to treating serious neurologic disorders and has demonstrated compelling clinical evidence that supports the high potential of its platform,” said Parag Shah, founding managing director and chief executive officer of K2HV. “Our financial commitment to Aptinyx reflects the confidence we have in the team and its development strategy and aligns with our mission of delivering innovative treatments to improve the lives of patients.”
