Constellation meets contractual milestones and receives balance of $15 million loan
Today, Constellation announced that it has secured a $15 million senior secured loan with Oxford Finance and Silicon Valley Bank. Constellation had already drawn down $5 million from this facility, which was originally closed back in June of 2013 and, having met contractual milestones, the company received the balance of the loan this month. These funds, combined with the recent closing of a Series D round of equity from existing investors Third Rock, The Column Group, Venrock and SROne, will help finance the company’s operations, including the three ongoing Phase 1 trials of CPI-0610 in lymphoma, multiple myeloma and acute leukemia as well as the planned Phase 1 trial for CPI-1205 in lymphoma, projected to begin in early 2015. With a portfolio of increasingly validated clinical-stage assets and a promising pipeline of chromatin modifying small molecule drugs, Constellation continues to deliver on its mission of bringing novel therapeutics to patients.