Trevena expects to receive a non-dilutive $2 million tranche and may be eligible for up to an additional $8 million based on OLINVYK US partnering and commercialization milestones

Trevena further expects a $10 million reduction in liabilities associated with its ex-US royalty financing

CHESTERBROOK, Pa., July  08, 2024  (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced an amendment (the "Amendment") to its March 2022 ex-US royalty-based financing (the "Royalty Financing") with R-Bridge Healthcare Fund, L.P. (R-Bridge).

Pursuant to the Amendment, Trevena will receive (i) a $2 million payment from R-Bridge to Trevena, and (ii) $8 million in future potential tranches to Trevena based on the achievement of certain US partnering and commercial milestones for OLINVYK. In addition, the outstanding liability in connection with the Royalty Financing will be reduced by $10 million in connection with the Amendment. Trevena previously received $30 million in non-dilutive funding under the Royalty Financing.

Also as part of the Amendment, (i) certain OLINVYK Chinese IP that had been previously pledged to R-Bridge under the Royalty Financing was transferred to R-Bridge, (ii) warrants that had been issued to R-Bridge as part of the Royalty Financing were amended to reduce the exercise price to a 15% premium to the current stock price and to extend the exercise period to five years from the date of the Amendment, and (iii) the existing cap on US royalty payable to R-Bridge was increased from $10 million to $12 million (with no minimum or fixed payments).