EYPT - EyePoint Pharmaceuticals signs loan agreement for $45M with Silicon Valley Bank

EyePoint Pharmaceuticals (NASDAQ:EYPT) entered into a loan agreement providing for senior secured credit facilities in the amount of $45M with Silicon Valley Bank to replace its existing credit facility with CRG Servicing. Under agreement terms, a $30M term loan facility and an asset-based revolving credit facility of up to $15M will be utilized to replace the existing ~$40.5M of obligations under the existing CRG credit facility. The new facility represents a significant improvement in economic terms and reduces the loan interest rate from 12.5% to a blended rate of ~5%, resulting in an estimated $2.8M of annualized interest savings. As of Dec. 31, 2021, the company had $211.6M in cash and investments, including $230M+ in proceeds from two successful follow-on equity offerings during 2021.

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EyePoint Pharmaceuticals signs loan agreement for $45M with Silicon Valley Bank