ABOS - Acumen Pharmaceuticals Secures $50.0 Million Credit Facility with K2 HealthVentures | Benzinga
- Provides additional capital to support development of a subcutaneous formulation of ACU193 and general corporate purposes
- $30 million drawn down at loan closing
CHARLOTTESVILLE, Va., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) ("Acumen" or the "Company"), a clinical-stage biopharmaceutical company developing a novel therapeutic that targets toxic soluble amyloid beta oligomers ("A?Os") for the treatment of Alzheimer's disease ("AD"), today announced that it has entered into a senior secured loan and security agreement (the "Loan Agreement") with K2 HealthVentures, a healthcare-focused specialty finance company.
"We are pleased to announce this agreement with K2 HealthVentures, a life sciences investment firm known for strategic investments in promising healthcare companies," said Daniel O'Connell, President and Chief Executive Officer of Acumen. "This financing provides us with additional operational flexibility during a period when we are laser-focused on execution. In particular, the funding will support our recently announced development program for a subcutaneous form of ACU193, including a Phase 1 study which we expect to initiate in mid-2024."
"We are excited to partner with Acumen on this financing to support management's vision of developing a potential best-in-class treatment for early Alzheimer's Disease," said Nimesh Shah, Managing Director at K2 HealthVentures. "This financing follows our strategy of partnering with pioneering life science companies developing treatments that have the potential to transform lives."
The Loan Agreement ...