Cerenome has entered into a financing agreement with 3i, LP for a senior secured facility of up to $20 million with royalty-based repayments, providing additional capital for the commercialization and development of its CNS oncology platform.
The company received an initial tranche of funding at closing, with additional tranches becoming available upon achievement of specified milestones.
Cerenome expects the financing to support the continued commercial scale-up of its proprietary laboratory-developed tests, particularly the CNSide cerebrospinal fluid assay platform.
The company said the facility was structured to limit shareholder dilution while providing capital for the next stage of CNSide growth, including expanding sales and broadening the product pipeline.
When combined with Cerenome’s existing financing facilities, current cash and projected CNSide-related sales and cash flow, the new financing is expected to extend the company’s cash runway well into 2028.
Cerenome is developing an integrated CNS oncology platform combining precision diagnostics, targeted therapeutics and artificial intelligence.
Its CNSide Diagnostics platform is designed to detect, molecularly characterize and longitudinally monitor central nervous system cancers using cerebrospinal fluid-based testing.
The CNSide CSF Assay Platform allows quantitative analysis of cerebrospinal fluid and is intended to improve management of patients with leptomeningeal metastases.
CNSide Diagnostics is a wholly owned Cerenome subsidiary developing and commercializing laboratory-developed tests that can identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas.
Cerenome’s therapeutic pipeline is led by REYOBIQ, or rhenium Re186 obisbemeda, which is being evaluated in clinical trials for leptomeningeal metastases, recurrent glioblastoma and pediatric brain cancers.
The company’s AI and data platform is intended to integrate diagnostic, molecular, imaging and clinical information into actionable insights supporting precision oncology and therapeutic development.
Cerenome said additional details about the financing arrangement, including milestone-linked future tranches and royalty obligations to 3i Fund, will be included in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.
KEY QUOTES:
“Cerenome is grateful for the support of the 3i Fund team, and we look forward to a long-term relationship. This facility is designed to be minimally dilutive to stockholders while supporting the next stage of commercial scale-up and development of CNSide, specifically growing sales and broadening the pipeline. We forecast our cash runway is now well into 2028 when we consider, the 3i facility, other existing facilities along with current cash and forecasted CNSide related sales and cash flow.”
Andrew Sims, Chief Financial Officer of Cerenome
