Locus Biosciences Secures Financing of up to $25 Million from Hercules Capital
Proceeds to be used to advance development of synthetic biology engine and manufacturing capabilities
RESEARCH TRIANGLE PARK, N.C., Oct. 19, 2021 (GLOBE NEWSWIRE) — Locus Biosciences, Inc. (“Locus”), a clinical-stage biotechnology company developing a new class of precision engineered bacteriophage treatments for a diverse set of bacterial and inflammatory diseases, today announced that the company has entered a credit facility of up to $25 million with Hercules Capital, Inc. (NYSE: HTGC), a specialty financing lender for life science and technology companies. The funds under the facility will be available in tranches upon the achievement of specific clinical and business milestones.
Through its unique bacteriophage discovery, synthetic biology and manufacturing platform, Locus is developing two innovative categories of biotherapeutics to address significant unmet medical needs: precision products to fight deadly infections, including those caused by multi-drug resistant bacteria; and engineered bacteriophage therapies that utilize bacteria resident in the body to deliver therapeutic molecules.
“This agreement with leading biotech lender Hercules underscores the potential of the Locus platform,” said Paul Garofolo, Co-founder and CEO of Locus. “It also provides access to valuable growth capital that supports the expansion of our discovery platform engine and in-house manufacturing capacity.”
“With a promising bacteriophage discovery platform combined with a strong network of value-adding partnerships, Locus has created a solid operational foundation from which to grow,” said Bryan Jadot, Senior Managing Director and Group Head for Life Sciences at Hercules Capital. “Hercules is pleased to enter into this strategic relationship with Locus to support its push to fundamentally change the way bacteria-related diseases are treated.”
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception in 2003, Hercules has committed more than $12 billion to over 530 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com or call 650-289-3060.
About Locus Biosciences
Locus Biosciences is creating a new class of precision biotherapeutics with clinical-stage, engineered bacteriophage treatments for a diverse set of bacterial and inflammatory diseases. A world-leading bacteriophage discovery, synthetic biology, and manufacturing platform powers the company. Locus engineers bacteriophage – naturally occurring viruses that target bacteria – to: 1) utilize bacteria resident in the body to deliver therapeutic molecules to reduce inflammation or induce other biotherapeutic effects; 2) kill pathogenic bacteria, while sparing good bacteria, through programmable, precision anti-bacterials with CRISPR-Cas3. Its artificial intelligence and machine-learning based discovery engine is targeting bacteria across therapeutic areas including infectious disease, immunology, and oncology. Multiple non-dilutive strategic partnerships validate the company’s platform and programs. These include anti-bacterial alliances with Biomedical Advanced Research and Development Authority (BARDA) for its lead Phase 2 asset; Janssen Pharmaceuticals (Johnson & Johnson); and Combatting Antibiotic Resistant Bacteria Accelerator (CARB-X). For more on the Research Triangle Park, N.C.-based company, visit www.locus-bio.com.
Media Relations Contact:
For Locus Biosciences, Inc.
Heather Anderson
919-827-5539
handerson@6degreespr.com
