Orphazyme enters €9mm debt financing with Kreos Capital

Rare disease-focused Orphazyme AS entered into a €9mm ($10mm) loan agreement with Kreos Capital. The structured debt facility has a term of 42 months and carries an annual fixed interest rate of 9.75%. The first 12 months are interest-only, while the remaining 30 months require equal installments of principal and interest. Orphazyme plans to draw down the loan on September 1, 2019. The company will use the funding to file for regulatory approvals (expected in H1 2020) of its arimoclomol for Niemann Pick Type-C in the US and Europe, and for commercial planning.