Nevakar Inc., a specialty pharmaceutical company developing multiple differentiated products in the ophthalmic and injectable areas, announced that it has entered into a $20 million senior secured term loan with Oxford Finance LLC. As part of the financing agreement, Nevakar may also access an additional $10 million of funding provided that certain pre-defined milestone events are achieved. Proceeds from the financings will be used to accelerate the Company’s pipeline projects and for general corporate services.

Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar, said, “We are delighted to enter into this agreement with Oxford Finance as we seek to continue to fund and advance our lead product candidates, including NVK-002 that is currently in a Phase 3 clinical trials for children with myopia. This financing and association with Oxford is an endorsement of our strategic vision and is an important follow-on to the licensing agreement with Endo Ventures Limited announced in August. Together, these transactions validate the value proposition of our strong pipeline and business model, and will enable us to continue our focus on developing innovative pharmaceutical products that deliver value to patients and the overall healthcare system.”

Armentum Partners acted as financial advisor to Nevakar for the debt transaction.