Biologic medicines company Comera Life Sciences entered into a purchase agreement with Arena Business Solutions Global worth up to $15 million.
The agreement has a provision to increase by another $15 million to $30 million if Comera wishes to. The funds from the sale will go toward Comera's working capital and fund for general corporate purposes, according to an Aug. 31 Comera news release shared with Becker's.
"The line of credit provides the opportunity to invest in our pipeline and proprietary formulation platform, SQore, which is designed to transform intravenous biologics into subcutaneous versions that patients can self-administer in a single dose," said Jeffrey Hackman, president, CEO and chair of Comera. "Strengthening our balance sheet will help us achieve our strategic objectives in the near-term, and we are grateful for Arena's commitment to Comera's success."