La Jolla-based Sophiris Bio Inc. has borrowed $7 million from Silicon Valley Bank to help finance late stage clinical trials and to extend the company’s cash runway through 2019.
The new funds are part of a loan and security agreement that allows Sophiris to borrow up to $10 million total. The company can borrow remaining $3 million as long as it achieves certain milestones by late 2018.
Sophiris Bio (Nasdaq: SPHS), formerly Protox Therapeutics Inc., is a biopharmaceutical company with locations in Canada and La Jolla, focused on products that treat urological diseases.
The new capital will go towards materials needed to conduct a late stage clinical trial of its drug, topsalysin, in patients with localized prostate cancer.