CHESTERBROOK, PA — Trevena, Inc. (Nasdaq: TRVN) has announced a significant amendment to its existing royalty-based financing agreement with R-Bridge Healthcare Fund, L.P. This amendment brings both immediate and potential future financial benefits to the company.
Under the new terms, Trevena will receive an immediate $2 million payment from R-Bridge. Additionally, the company could access up to $8 million in future tranches, contingent on achieving specific U.S. partnership and commercial milestones for its drug OLINVYK. The amendment also reduces Trevena’s outstanding liability under the original financing deal by $10 million.
Trevena had earlier secured $30 million in non-dilutive funding through the initial March 2022 agreement. This new amendment further eases the company’s financial burden and provides pathways for additional capital.
The revised terms include the transfer of certain Chinese intellectual property related to OLINVYK to R-Bridge. Warrants issued to R-Bridge have also been modified to reduce their exercise price, setting it at a 15% premium to the current stock price and extending the exercise period to five years from the amendment date. Additionally, the cap on U.S. royalties payable to R-Bridge has been increased from $10 million to $12 million, without requiring minimum or fixed payments.
This financial restructuring positions Trevena to better manage its resources while striving to achieve key milestones for OLINVYK. The amendment is expected to support the company’s ongoing efforts to expand its market presence and commercial success.
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