Monday, October 3, 2022


Biotechnology News Magazine

Palette Life Sciences Secures Loan Facility for Up to $40 Million with Silicon Valley Bank

Financing Will Pave Way for Expansion of Product Portfolio and Global Footprint & Provides Sufficient Resources to Deliver on Key Milestones

Latest Posts

City of Hope to Accelerate Immunotherapy Research & Treatment Innovation with $15 Mil Gift from Ted Schwartz Family

Ted Schwartz, who is now cancer free, achieved complete remission at City of Hope in 2020 with the center's leading CAR T cell therapy after a 16-year battle with lymphoma, provided the gift to City of Hope to advance treatment options that offer better outcomes and quality of life for people living with cancer.

Neurocrine Biosciences Appoints Dr Ingrid Delaet as Chief Regulatory Officer

Prior to joining Neurocrine Biosciences, Dr Ingrid Delaet served as Senior Vice President, Regulatory Affairs at Intercept Pharmaceuticals, which she joined in 2016.

Astrea Bioseparations Introduces Nereus LentiHERO, a Fit-for-purpose Solution for Lentiviral Vector Purification

“We believe that AstreAdept will be a game-changer,” explained Astrea Bioseparations’ CEO Terry Pizzie. “Our approach was to rapidly develop and incorporate this material into the Nereus LentiHERO, a simple, fit-for-purpose device that radically transforms how lentivirus can be purified [in terms of speed, recovery, and efficiency].

At Pack Expo, Schreiner MediPharm to Debut Functional Labels Designed from More Sustainable Materials

Schreiner MediPharm advises he new label concepts are based on existing items in Schreiner MediPharm’s roster of functional labeling solutions.

Palette Life Sciences, a Swedish domiciled, fully integrated global life sciences company dedicated to improving patient outcomes, today announced that it has entered into a debt financing facility for up to $40 million (“debt facility”) with Silicon Valley Bank’s UK Branch. The non-dilutive capital provides further financial flexibility to support commercial and product development activities across its product continuum.

Under the terms of the debt facility, Palette Life Sciences can borrow up to $40 million in three tranches based on the achievement of certain regulatory and commercial milestones and other specified conditions.

Earlier this year Palette completed a $30 million equity financing. The investment was led by the Swedish privately held investment firm Melker Schörling AB and a global player in the Oncology space. Carnegie Investment Bank acted as financial advisor to the company.

Per Langö, CEO and Board Director of Palette Life Sciences, said “Securing this non-dilutive credit facility is a significant step forward for Palette Life Sciences. This will support the expansion of our global footprint and development of our portfolio of minimally invasive treatments targeting unmet medical needs in radiotherapy and interventional oncology procedures, urology/urogynecology disorders and colorectal conditions. This facility, combined with Palette Life Sciences’ previous equity financings provides sufficient resources to deliver on our key milestones.”

Palette Life Sciences’ product portfolio leverages its global rights to Non-Animal Stabilized Hyaluronic Acid (NASHA®), a mildly stabilized form of hyaluronic acid, as a foundational platform for its products that serve oncologic, pediatric and incontinence patients across the globe. NASHA has been proven safe and effective and has been used for more than 20 years in over 50 million medical procedures worldwide. Licensed by Palette from Galderma, NASHA’s proprietary attributes make it ideal for a broad range of medical uses.

Palette Life Sciences’ flagship product, Barrigel®, is made from NASHA. Barrigel is an injectable biodegradable material that separates the prostate from the rectum to protect it during radiation therapy treatment for prostate cancer. Barrigel is being developed for future market introduction in the United States, Japan and Latin America, and is approved for use in the EU and Australia.

James Leech, VP of Strategy & Corporate Development at Palette Life Sciences, stated “This debt financing provides Palette Life Sciences with considerable flexibility as we continue to expand upon our revenue generation and geographic footprint, including the sale of our exciting organ spacing product, Barrigel. The team can focus 100% of its resources on critical commercial and operational activities across the business.”

This debt financing showcases Silicon Valley Bank’s unique position as a key partner to Palette Life Sciences and the broader life sciences sector when it comes to growth financing. Ian Murchie, Director at Silicon Valley Bank UK Branch, added “This an important time for Palette Life Sciences as it continues to expand its product portfolio and geographic footprint. We are delighted to support the company to help bring its exciting offering to more patients in need of improved outcomes in urology and urogynecology disorders, colorectal conditions, radiotherapy, and interventional oncology procedures.”

Latest Posts

Learn More




Our Sister Publication

Medical Device News Magazine