Sight Sciences Announces the Closing of up to $65 Million Senior Secured Credit Facility with Hercules Capital
24 January 2024 - 8:05AM
Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences”), an eyecare
technology company focused on developing and commercializing
innovative technology intended to transform care and improve
patients’ lives, today announced the closing of an up to $65
million senior secured credit facility with Hercules Capital, Inc.
(NYSE: HTGC) (“Hercules”), a leader in customized debt financing
for companies in life sciences and technology-related markets. The
transaction included the immediate draw of $35 million, the net
proceeds of which the Company used to pay off the principal amount
of the Company’s indebtedness to its previous secured lender.
“This new facility further strengthens our
balance sheet and enhances our ability to execute our strategic
plan,” said Ali Bauerlein, Chief Financial Officer of Sight
Sciences. “We are excited to partner with the Hercules team and are
pleased to extend our cash runway and expand financial flexibility
through the support and confidence of a leading growth medtech
lender like Hercules. We feel Hercules is an ideal partner for us
moving forward as we scale our business over the coming years.”
“This capital commitment from Hercules aims to
help Sight Sciences deliver on its important mission to transform
the treatment of eye diseases by treating the underlying causes,”
said Lake McGuire, Managing Director at Hercules Capital. “We are
proud to partner with the Sight Sciences team and provide them with
improved financial flexibility.”
Key Credit Facility Terms:
- $35 million funded at loan closing,
with up to an additional $30 million potentially available (subject
to certain conditions as described in the credit agreements)
- 54-month maturity, with
interest-only period of 30 months, which can be extended to 36
months subject to achievement of certain performance
milestones
The credit facility is secured by substantially
all of the Company’s assets. Additional details regarding the
Company’s debt refinancing will be filed with the Securities and
Exchange Commission on a Current Report on Form 8-K available at
investors.sightsciences.com.
About Sight SciencesSight
Sciences is an eyecare technology company focused on developing and
commercializing innovative solutions to transform care and improve
patients’ lives. Using minimally invasive or non-invasive
approaches to target the underlying causes of the world’s most
prevalent eye diseases, Sight Sciences seeks to create more
effective treatment paradigms that enhance patient care and
supplant conventional, outdated approaches. The Company’s OMNI®
Surgical System is a MIGS technology indicated to reduce
intraocular pressure in adult patients with primary open-angle
glaucoma (“POAG”), the world’s leading cause of irreversible
blindness. The Company’s TearCare® System technology is 510(k)
cleared for the application of localized heat therapy in adult
patients with evaporative dry eye disease due to meibomian gland
dysfunction (“MGD”) when used in conjunction with manual expression
of the meibomian glands, enabling office-based clearance of gland
obstructions by physicians to address the leading cause of dry eye
disease. The Company’s SION® Surgical Instrument is a manually
operated device used in ophthalmic surgical procedures to excise
trabecular meshwork.
For more information,
visit www.sightsciences.com.
OMNI, SION, and TearCare are registered trademarks of Sight
Sciences, Inc.© 2024 Sight Sciences. All rights reserved.
Forward-Looking StatementsThis
press release, together with other statements and information
publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which statements are
subject to considerable risks and uncertainties. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Any statements made in this press release that are not
statements of historical fact, including statements about our
beliefs and expectations, are forward-looking statements and should
be evaluated as such. Forward-looking statements herein include,
without limitation, statements concerning the terms of the new
secured credit facility with Hercules including the amount of
available borrowings, and the Company’s ability to expand its
financial flexibility through the utilization of the credit
facility with Hercules. These statements often include words such
as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,”
“estimates,” “targets,” “projects,” “should,” “could,” “would,”
“may,” “will,” “forecast” and other similar expressions. We base
these forward-looking statements on our current expectations, plans
and assumptions that we have made in light of our experience in the
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at such time.
Although management believes these forward-looking statements are
based upon reasonable assumptions at the time they are made,
management cannot guarantee their accuracy or completeness.
Forward-looking statements are subject to and involve risks,
uncertainties and assumptions that may cause the Company’s actual
results, performance or achievements to be materially different
from any future results, performance, or achievements predicted,
assumed or implied by such forward-looking statements. Some of the
risks and uncertainties that may cause actual results to materially
differ from those expressed or implied by these forward-looking
statements are discussed under the caption “Risk Factors” in the
Company’s filings with the SEC, as may be updated from time to time
in subsequent filings. These cautionary statements should not be
construed by you to be exhaustive and are made only as of the date
of this press release. Sight Sciences undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
Media contact:
pr@SightSciences.com
Investor contact:Philip TaylorGilmartin
Group415.937.5406Investor.Relations@Sightsciences.com
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