Tarsus Pharmaceuticals, Inc. announced that it expects to receive $200 million in funding
April 18, 2024
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Tarsus Pharmaceuticals, Inc. announced that it will receive $200 million in a round of funding on April 19, 2024. The transaction included participation from new lenders BPCR Limited Partnership, BioPharma Credit Investments V (Master) Lp, a fund managed by Pharmakon Advisors, LP.
On the same date, the company received $75 million in first tranche (the ?Tranche A Loan?). The Loan Agreement also provides for three potential additional term loan tranches, to be drawn at its option, in principal amounts up to $25 million, $50 million and $50 million, respectively, subject to customary conditions to funding and, in the case of the last two tranches, achieving minimum net sales milestones, which may be requested on or prior to December 31, 2024, June 30, 2025 and December 31, 2025, respectively. The Term Loans will mature on April 19, 2029. Interest on the funded Term Loans is paid quarterly in arrears until the Maturity Date, with the unpaid principal amount of outstanding Term Loans due and payable on the Maturity Date. The funded Term Loans will bear interest at a floating rate based upon the 90-day average secured overnight financing rate (?SOFR?), plus a margin of 6.75% per annum. SOFR is subject to a 3.75% floor. The company is required to prepay the funded Term Loans in full upon the occurrence of a change of control.
Tarsus Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics, starting with eye care. The Companyâs lead product candidate, XDEMVY is a lotilaner ophthalmic solution that targets and eradicates the root cause of Demodex blepharitis, Demodex mite infestation. The active pharmaceutical ingredient (API) of XDEMVY, lotilaner, paralyzes and eradicates mites and other parasites through the inhibition of parasite-specific gamma-aminobutyric acid-gated chloride channels. The Company investigating the development of its product candidates to address targeted diseases with high unmet medical needs, which include TP-03 for the potential treatment of Meibomian Gland Disease (MGD), TP-04, a novel gel formulation of lotilaner for the potential treatment of rosacea, and TP-05, a novel investigative oral formulation of lotilaner, for potential Lyme disease prophylaxis and community malaria reduction.
TARSUS PHARMACEUTICALS, INC. 
