Enable Injections announced today that it completed a credit facility worth $25 million from Oxford Finance LLC.
Cincinnati-based Enable Injections said in a news release that the funds are earmarked for supporting the scaling of high-volume manufacturing and the achievement of major inflection points as it moves toward commercialization.
The company develops the enFuse, a novel technology for delivering therapies to patients outside of a clinical facility. The on-body drug delivery platform is designed for subcutaneous delivery of large volumes reaching up to 50mL at the time and place of the patients’ choosing.
“We are delighted to partner with Oxford Finance in this non-dilutive financing that allows financial flexibility, strengthens our cash position, and enables us to achieve major inflection points that will lead to our commercialization goals on terms that maximize long-term shareholder value,” Enable Injections executive VP & CFO Tim Flaherty said in the release. “We appreciate Oxford Finance’s confidence in the enFuse technology platform, which has the potential to provide patients and their caregivers an alternative delivery method for subcutaneous administration of parenteral therapies outside of a clinical setting.”
Armentum Partners served as financial advisor to Enable Injections in connection with the financing.