Sight Sciences (Nasdaq:SGHT) announced that it closed a senior secured credit facility worth up to $65 million.
The credit facility with Hercules Capital includes the immediate draw of $35 million. Menlo Park, California–based Sight Sciences used the proceeds to pay off the principal amount of debt to its previous secured lender.
In addition to the $35 million at closing, the facility includes up to an additional $30 million potentially available. That remains subject to certain conditions agreed upon between Sight Sciences and Hercules Capital.
The facility has a 54-month maturity and an interest-only period of 30 months. That interest-only period can extend to 36 months, subject to achieving certain performance milestones.
Sight Sciences develops ophthalmology and optometry devices. Omni, a minimally invasive glaucoma surgery (MIGS) device, reduces IOP to treat adult patients with open-angle glaucoma (OAG). TearCare, which holds FDA 510(k) clearance, applies localized heat therapy to adult patients. It treats evaporative dry eye disease due to meibomian gland dysfunction (MGD).
“This new facility further strengthens our balance sheet and enhances our ability to execute our strategic plan,” said Ali Bauerlein, CFO of Sight Sciences. “We are excited to partner with the Hercules team and are pleased to extend our cash runway and expand financial flexibility through the support and confidence of a leading growth medtech lender like Hercules. We feel Hercules is an ideal partner for us moving forward as we scale our business over the coming years.”
