Codexis, Inc. announced that it expects to receive $40 million in funding
February 12, 2024
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Codexis, Inc. has entered into a loan and security agreement with new lender Innovatus Life Sciences Lending Fund I, LP, a fund managed by Innovatus Capital Partners, LLC for aggregate principal amount of up to $40 million on February 13, 2024. The lender will provide certain term loans to the company in the transaction. The company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met. The term loans will mature on the 5th anniversary of the initial funding date, and will bear interest at a floating rate of the sum of the greater of Primate Rate as defined in the loan agreement and 7.50%, plus 3.25%. The loan agreement is secured by substantially all assets of the company. The loan agreement contains customary representations and warranties and covenants, subject to customary carve outs, and includes financial covenants related to liquidity and net product revenue, with the latter beginning with the period ending September 30, 2024.
On the same date, the company has raised $30 million in its first tranche. The company will be eligible to draw on a second tranche of $10 million upon achievement of certain milestones, including the achievement of certain trailing twelve month net product revenue and certain ratio of Indebtedness to its then Market Capitalization as defined in the loan agreement.
Codexis, Inc. is an enzyme engineering company. It is leveraging its CodeEvolver technology platform to discover, develop, enhance, and commercialize novel, high performance enzymes and other classes of proteins. It utilizes its CodeEvolver technology platform to develop optimized enzymes that are used by some pharmaceutical companies to reduce their costs and improve the efficiency and productivity of their manufacturing processes for small molecule therapeutics. It is developing its Enzyme-Catalyzed Oligonucleotide Synthesis (ECO Synthesis) manufacturing platform to enable the scaled manufacture of RNA interference (RNAi) therapeutics through an enzymatic route. It also uses the CodeEvolver platform technology to develop enzymes for the synthesis of nucleic acids, such as DNA/RNA, including enzymes utilized in its ECO Synthesis manufacturing platform, where its enzymes are poised to deliver many of the same benefits it offers in pharmaceutical manufacturing.