NEW YORK—Covington advised Humacyte, Inc. on its $150 million revenue-based funding arrangement, as well as a $10 million equity investment option, with Oberland Capital Management LLC.
Humacyte is a clinical-stage biotechnology company developing a disruptive biotechnology platform to deliver universally implantable bioengineered human tissues and organs designed to improve the lives of patients. The company develops and manufactures acellular tissues to treat a wide range of diseases, injuries, and chronic conditions.
Oberland Capital is a private investment firm formed in 2013 with assets under management in excess of $3 billion, focused exclusively on investing in the global healthcare industry and specializing in flexible investment structures customized to meet the specific needs of its transaction partners.
The Covington team representing Humacyte included Peter Schwartz, Julian Wright, Brendon Francis (finance), Kerry Burke, Sarah Griffiths, and Sebastian Marotta (securities), Kurt Baca (tax), Scott Cunningham (regulatory), Will Woolston (benefits), and Sara Needles (licensing).
"We have helped our clients close numerous revenue interest and product development financings in the past year, amid such structure’s increased popularity in the current market environment," said Peter Schwartz, chair of Covington's Finance Practice.
Covington has a leading practice in life sciences finance matters, regularly representing both capital providers and the companies that seek funding in this market. Covington’s specialized life sciences finance expertise encompasses life sciences lending, revenue interest and drug development financings and royalty monetization transactions.
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