Cara Therapeutics Announces up to $40.0 Million Non-Dilutive Financing Agreement with HealthCare Royalty
Transaction supports progression of late-stage oral difelikefalin clinical programs
Non-dilutive capital expected to extend cash runway into 2025
Cara intends to use the proceeds from the agreement to support the ongoing clinical development of its oral difelikefalin pipeline, including late-stage programs for pruritus associated with atopic dermatitis, advanced chronic kidney disease, and notalgia paresthetica.
“This non-dilutive capital strengthens our balance sheet and fuels the continued advancement of our three late-stage oral difelikefalin clinical programs,” said
Under the terms of the agreement, Cara will receive an initial payment of
The aggregate royalty payments to HCRx are capped at 2.0x the payments to Cara if received before the end of 2029. Otherwise, the payments are capped at 2.8x after which Cara will resume receiving all royalties from both CSL Vifor and Maruishi.
Cara Therapeutics is a commercial-stage biopharmaceutical company leading a new treatment paradigm to improve the lives of patients suffering from pruritus. The Company’s KORSUVA® (difelikefalin) injection is the first and only FDA-approved treatment for moderate-to-severe pruritus associated with chronic kidney disease in adults undergoing hemodialysis. The Company is developing an oral formulation of difelikefalin and has Phase 3 programs ongoing for the treatment of pruritus in patients with advanced chronic kidney disease and atopic dermatitis. In addition, the Company has an ongoing Phase 2/3 program of oral difelikefalin for the treatment of moderate-to-severe pruritus in patients with notalgia paresthetica. For more information, visit www.CaraTherapeutics.com and follow the company on X (Twitter), LinkedIn and Instagram.
About HealthCare Royalty
HCRx is a leading royalty acquisition company focused on commercial or near-commercial stage biopharmaceutical products and has offices in
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of these forward-looking statements include statements concerning the potential for the Company’s product candidates to be alternatives in the therapeutic areas investigated, the potential benefits of the agreement with Healthcare Royalty, the Company’s intended use of proceeds received from the agreement, potential for receipt of milestone payments based off of 2024 performance levels of KORSUVA in
Source: Cara Therapeutics, Inc.