Eloxx enters $30M loan agreement with Hercules; repays $6.7M prior loan

Eloxx Pharmaceuticals, Inc.

Term loans up to $30M: Tranche 1 $12.5M funded Sep 30, 2021; Tranche 2 $7.5M subject to clinical milestones (available until Aug 15, 2022); Tranche 3 $10M subject to lender discretion.
Interest at greater of 9.50% or prime+6.25%; principal amortization begins April 2023, matures April 2025.
Used $7.7M to prepay and terminate prior Silicon Valley Bank loan ($6.67M outstanding, plus prepayment premium and final charge).
Loan secured by substantially all assets of Eloxx, Zikani Therapeutics (wholly owned), and Israeli subsidiary, excluding IP.
Customary covenants limit additional debt, dividends, asset sales; prepayment premium of 3%–1% depending on timing.

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