Synthetic Royalty® / Debt FinancingUp to $150 Million
In July 2019, XPOVIOTM (selinexor) received accelerated approval from the U.S. Food and Drug Administration for the treatment of heavily pretreated adult patients with relapsed or refractory multiple myeloma. In addition to the initial indication, selinexor is being studied in several additional clinical trials in various indications and combinations.
Leading up to the approval of XPOVIOTM, Karyopharm Therapeutics (NASDAQ: KPTI) was interested in raising non-dilutive capital to fund the commercial launch of the product as well as ongoing clinical development. In September 2019, Karyopharm and HCR announced a non-dilutive financing of up to $150 million, $75 million of which was funded at closing. The financing enabled the company to meaningfully increase its cash position and extend cash runway in the early stages of the launch without diluting shareholders. “This non-dilutive financing provides Karyopharm with immediate and substantial capital to support the ongoing commercialization of XPOVIOTM in patients with heavily pretreated multiple myeloma, and further the development of selinexor in future high unmet need indications,” said Michael G. Kauffman, MD, PhD, Chief Executive Officer of Karyopharm. “We are delighted to have the support and confidence of HealthCare Royalty Partners, a premier partner known for its strategic investments in promising healthcare companies and assets.”