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Sienna Biopharmaceuticals Enters $40 Million Term Loan Agreement
WESTLAKE VILLAGE, Calif., July 02, 2018 (GLOBE NEWSWIRE) -- Sienna Biopharmaceuticals, Inc. (NASDAQ:SNNA) today announced that the Company has entered a $40 million term loan agreement with Silicon Valley Bank. Sienna drew $30 million on closing. The remaining tranche of $10 million may be drawn at the Company’s discretion, subject to certain terms and conditions. Sienna will make interest-only payments for the first 24 months of the 60-month loan term.
“We are pleased to announce that we have added $30 million to our cash balance on very favorable terms,” said Frederick C. Beddingfield III, M.D., Ph.D., President and Chief Executive Officer of Sienna. “We believe this additional, non-dilutive capital strengthens our balance sheet, extending our cash runway beyond our nine clinical data inflection points coming over the next three quarters and getting us at least into the third quarter of 2019. It also gives us greater financial flexibility as we continue to advance our innovative multi-asset pipeline that seeks to address significant unmet medical needs and create shareholder value.”
Sienna’s pipeline currently includes five clinical-stage programs and nine ongoing clinical trials:
(from the Company’s Topical by Design™ platform)
- SNA-120 for the treatment of pruritus associated with psoriasis and the underlying psoriasis; Phase 2b top-line results expected in the first quarter of 2019
- SNA-125 for the treatment of atopic dermatitis; Phase 1/2 proof-of-concept results expected in the fourth quarter of 2018
- SNA-125 for the treatment of psoriasis; Phase 1/2 proof-of-concept results expected in the third quarter of 2018
(from the Company’s Topical Photoparticle Therapy™ platform)
- SNA-001 for the treatment of acne
- pivotal results with the 1064 nm and with the 810 nm wavelength lasers expected in the third quarter of 2018
- pivotal results with the 755 nm wavelength laser expected in the fourth quarter of 2018
- SNA-001 for the reduction of light-pigmented hair
- pivotal results with the 1064 nm wavelength laser expected in the fourth quarter of 2018
- pivotal results with the 810 nm and with the 755 nm wavelength lasers expected in the first quarter of 2019
About Sienna Biopharmaceuticals
Sienna Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on bringing innovations in biotechnology to the discovery, development and commercialization of first-in-class, targeted, topical products in medical dermatology and aesthetics. The Company’s objective is to develop an innovative, diversified, multi-asset pipeline of topical therapies that enhance the health, appearance and quality of life of dermatology and aesthetics patients. Sienna is led by a management team with extensive experience in product development and commercialization at several leading dermatology, aesthetics and biotechnology companies.
For more information, visit the Company’s website at www.SiennaBio.com.
This press release contains forward-looking statements, including but not limited to the statements by Sienna’s Chief Executive Officer and other statements regarding Sienna’s ability to satisfy certain terms and conditions or to draw additional capital from the remaining tranche of the term loan, the sufficiency of the Company’s cash resources and related operating cash runway and the timing of data readouts from Sienna’s clinical programs. Such forward-looking statements involve substantial risks and uncertainties that could cause Sienna’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the pharmaceutical drug and medical device development processes, including regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing pharmaceutical drug and medical device products, Sienna’s ability to successfully protect and defend its intellectual property, and other matters that could affect the sufficiency of existing cash to fund operations and the availability or commercial potential of Sienna’s drug candidates. Sienna undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see Sienna’s most recent Annual Report on Form 10-K and any subsequent current and periodic reports filed with the Securities and Exchange Commission.
Sean Andrews (Investors)
Crystal Muilenburg (Media)