Tenpoint Therapeutics said it has secured $235 million in new capital, combining an $85 million Series B preferred stock financing with a $150 million senior secured term loan facility, as the company prepares to commercialize its newly approved presbyopia treatment, YUVEZZI.
The Series B round was led by Janus Henderson, EQT Nexus, Hillhouse and British Business Bank. Tenpoint said existing investors also participated, including EQT Life Sciences, Sofinnova Partners, F-Prime, Eight Roads, Qiming Venture Partners USA, AdBio and Wille. Separately, the company entered into the $150 million non-dilutive term loan facility with Hercules Capital.
Tenpoint, which describes itself as a global commercial biotechnology company focused on treatments to rejuvenate vision in the aging eye, said the financing strengthens its balance sheet ahead of an expected launch of YUVEZZI in early Q2. The company positioned the timing as aligning with YUVEZZI’s approval and characterized the product as a differentiated option for a large presbyopia market.
YUVEZZI is a dual-agent eye drop, combining carbachol and brimonidine tartrate ophthalmic solution at 2.75% / 0.1%, and Tenpoint said it is the first and only dual-agent eye drop for presbyopia. The company estimates presbyopia affects nearly 128 million people in the U.S. and approximately 2 billion people globally.
KEY QUOTES
“We deeply appreciate the support of our strong syndicate of global, long-term investors. This financing reflects their confidence in YUVEZZI, a new differentiated option for millions of people living with the daily frustration and challenges of presbyopia,” said Henric Bjarke, Chief Executive Officer of Tenpoint Therapeutics. “With our strengthened balance sheet, we are excited to launch YUVEZZI in early Q2.”
Henric Bjarke, Chief Executive Officer, Tenpoint Therapeutics
“It’s incredibly exciting to see the Series B financing and YUVEZZI approval align at the same moment, creating the perfect launch point for this exceptional ophthalmology team to deliver a best-in-class dual agent to this massive market.”
David Guyer M.D., Chairman, Tenpoint Therapeutics
“YUVEZZI’s differentiated favorable safety and tolerability profile reinforces our confidence in its commercial potential to resonate with patients and providers as Tenpoint drives towards its successful launch. With extensive ophthalmology experience, Tenpoint’s leadership team has executed key milestones toward commercialization and is well positioned to bring this differentiated new treatment to the presbyopia market.”
Agustin Mohedas, Ph.D., Portfolio Manager & Research Analyst, Janus Henderson Investors
