Full Press Release Details
TriSalus Life Sciences Secures up to $50 million
of Debt Financing with OrbiMed to Support TriNav Infusion System Growth Initiatives
- April 30, 2024 - TriSalus Life Sciences Inc., (Nasdaq: TLSI), today announced the closing of a debt financing facility
for up to $50 million with OrbiMed, a healthcare investment firm. The capital is expected to provide financial flexibility to support
the execution of strategic expansion plans and fuel continued growth.
Under the terms of the Credit Agreement (the "Credit Agreement")
with OrbiMed, the Company borrowed $25 million at closing. In addition, an aggregate of up to an additional $25 million is available
in two tranches at the Company's option, based on the achievement of certain revenue thresholds. The Credit Agreement has a five-year
term that matures in April 2029. In connection with the funding of the closing amount, the Company also issued OrbiMed a warrant to purchase
130,805 shares of the Company's common stock, with an exercise price of $9.5562. Including the full funding in the Credit Agreement
and current cash and cash equivalents on hand, the Company expects its cash runway will extend through 2025.
"We are excited to be partnering with OrbiMed," said Mary
Szela, Chief Executive Officer of TriSalus Life Sciences. "This transaction provides us with the needed capital to execute strategic
growth initiatives for TriNav , our Pressure Enabled Drug Delivery (PEDD ) technology, which increases delivery of therapeutics
in liver and pancreatic tumors. Additionally, this funding allows us to advance our technology pipeline as we continue to transform our
business. We believe this financing provides us sufficient capital to reach break-even EBITDA for our TriNav business in 2025 and reduces
the near-term need of equity financing."
Matthew Rizzo, General Partner of OrbiMed, added, "We are excited
to support TriSalus Life Sciences as they pursue their strategic objectives, providing them with the necessary capital for financial
flexibility, and enabling TriNav commercial and technology pipeline expansion."
TriSalus Life Sciences was represented in this transaction by Cantor
Fitzgerald & Co., who served as sole placement agent and Cooley LLP, who served as legal counsel. OrbiMed was represented in this
transaction by Covington & Burling LLP, who served as legal counsel.
About TriSalus Life Sciences
TriSalus Life Sciences is
an oncology focused medical technology business providing disruptive drug delivery technology with the goal of improving therapeutics
delivery to liver and pancreatic tumors.
The Company's platform
includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company's
two FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery (PEDD ) approach to deliver a range of therapeutics:
the TriNav Infusion System for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for
pancreatic tumors. PEDD is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas.
The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired
delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company's investigational immunotherapeutic
candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can
make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology
(PERIO) clinical trials support the hypothesis that nelitolimod delivered via PEDD may have favorable immune effects within the liver
and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by PEDD are
commonly present as well. Nelitolimod delivered by PEDD will be studied across several indications in an effort to address immune dysfunction
and overcome drug delivery barriers in the liver and pancreas.
In partnership with leading cancer centers
across the country - and by leveraging deep Immuno-oncology expertise and inventive technology development - TriSalus is
committed to advancing innovation that improves outcomes for patients. Learn more at trisaluslifesci.com and follow
us on Twitter and LinkedIn.
OrbiMed is a healthcare investment firm, with approximately $17 billion
in assets under management. OrbiMed invests globally across the healthcare industry through a range of private equity funds, public equity
funds, and royalty/credit funds. OrbiMed's team of over 100 professionals is based in New York City, San Francisco, Shanghai, Hong
Kong, Mumbai, London, Herzliya and other key global markets.
Forward Looking Statements
in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited
to, the Company's ability to achieve the revenue milestones under the Credit Agreement, the availability of future financing under
the Agreement, the Company's expectations about its cash runway, the Company's ability to fund its operations without the
need for additional equity financing through reaching break-even EBITDA for its TriNav business in 2025, and the expectation that the
debt facility will enable the Company to execute on its strategic expansion plans and fuel continued growth, statements regarding the
benefits and potential benefits of the Company's PEDD drug delivery technology and nelitolimod investigational immunotherapy. Risks
that could cause actual results to differ from those expressed in these forward-looking statements include risks associated with clinical
development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may
not be consistent with patient data generated during the Company's clinical trials, the cost and timing of all development activities
and clinical trials, unexpected safety and efficacy data observed during clinical studies, changes in expected or existing competition
or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, the risks associated with the Credit
Agreement, including the Company's ability to remain in compliance with all its obligations thereunder to avoid an event of default,
the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations,
the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the Credit
Agreement, and other risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other
filings the Company makes with the Securities and Exchange Commission. All forward-looking statements contained in this press release
speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. The
Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on
which they were made except as required by law.
For Media and Investor Inquiries: