|View printer-friendly version|
|Vitae Pharmaceuticals Secures $13 Million In Debt Financing|
FORT WASHINGTON, PA– October 28, 2008 - Vitae Pharmaceuticals, Inc., an emerging pharmaceutical company dedicated to the discovery and development of innovative small molecule medicines, announced today that it has further strengthened its operating runway by entering into a $13 million loan agreement with Silicon Valley Bank and Oxford Finance Corporation.
“These funds will support the initial clinical development of our potentially best-inclass renin inhibitor program, as well as ongoing discovery research in areas of high unmet need, including our BACE (beta secretase) program for the treatment of Alzheimers’ disease,” said Tina Fiumenero, Vitae’s Chief Financial Officer. “In addition, the funding will enhance Vitae’s financial strength by extending our noncontingent cash runway into 2010, and substantially beyond that, when projected milestones achievable from our 11-beta HSD1 diabetes collaboration are considered.”
“Despite difficult market conditions, SVB remains committed to fueling life science innovations,” said Tom Gordon of Silicon Valley Bank’s Philadelphia office. “Vitae has an outstanding management team. We look forward to continuing to provide the company the resources it needs to be successful.”
“Oxford is pleased to provide financial support to further Vitae’s critical research,” said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. “Their discoveries will significantly improve the lives of millions of people worldwide suffering from a variety of debilitating diseases, including hypertension, Alzheimers’ and diabetes,”
About Vitae Pharmaceuticals, Inc.
About Silicon Valley Bank
About Oxford Finance Corporation
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.
# # #