NEW YORK—Covington advised Oberland Capital Management LLC in its strategic financing agreement with Opus Genetics, Inc., a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases.
The new note facility provides Opus with access to future non-dilutive funding of up to $155 million to support its future strategic initiatives and growth, with an initial tranche of $35 million to be funded at the initial closing, a second $35 million tranche available at Opus’ option within the next twelve months, along with additional tranches up to $35 million available to Opus upon the occurrence of certain milestones. The facility also provides for up to $50 million in additional tranches at the mutual agreement of the parties. In addition, Oberland Capital committed to make a $5 million equity investment in Opus’ common stock.
Oberland Capital is a private investment firm with assets under management in excess of $3.2 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 included Peter Schwartz, Melanie Cook, and Javi Andujar (finance), Matt Gehl and Sebastian Marotta (securities & capital markets), Mike Labson and Joy Chen (regulatory), Kurt Baca and Lingyun Li (tax), and Steve Mossey (IP).
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