Horizon Technology Finance Corporation , an affiliate of Monroe Capital, announced it has provided a $50 million venture loan facility to Pelthos Therapeutics , with an initial funding of $30 million, and up to $20 million to support future growth.
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Pelthos is a publicly traded biopharmaceutical company that is licensed to commercialize ZELSUVMI (berdazimer) topical gel, an FDA-approved treatment of molluscum contagiosum, a common skin infection characterized by small bumps or lesions. ZELSUVMI delivers nitric oxide directly to the affected skin or tissue via the Nitricil platform, which enables the gel to slowly and safely release onto the affected areas. Recently, Pelthos also acquired the rights to Xepi® Cream, a topical treatment for impetigo, and Xeglyze®, a topical treatment for head lice. The loan proceeds will be used for working capital and general growth purposes.
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“Pelthos is bringing meaningful innovation to the dermatology space,” said Paul Seitz, Chief Investment Officer of Horizon. “ZELSUVMI offers a new at-home option for individuals with molluscum contagiosum, providing an alternative to traditional in-office procedures. We are excited to support this treatment and Pelthos’ continued growth.”
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“With extensive experience lending to high-quality life science companies, Horizon was able to structure a financing facility that aligned with our current growth strategy,” said Scott Plesha, Chief Executive Officer of Pelthos. “This facility will be instrumental in helping us promote both ZELSUVMI and Xepi Cream to the pediatric and dermatologic communities, and assist us in further scaling our business, including the launch of the recently acquired Xeglyze.”
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Source : businesswire