Benzinga | Dec 1, 2021 08:14AM EST

BioVie Reports Secured Up to $25M Debt Facility With Avenue Ventures Opportunities Fund I, II

BioVie Inc., (NASDAQ:BIVI) ("BioVie" or the "Company") a clinical-stage company developing innovative drug therapies for the treatment of neurological and neurodegenerative disorders and advanced liver disease, entered into a debt facility with Avenue Venture Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P. (Collectively "the Avenue Venture Funds") providing up to $25 million with the initial $15 million funded at the close on November 30, 2021.

"We are pleased to partner with the Avenue Venture Funds as we prepare for a catalyst-rich 2022, which includes anticipated top-line data from both our Phase 2b trial of BIV201 in refractory ascites and our Phase 3 trial of NE3107 in Alzheimer's," said Cuong Do, CEO of BioVie. "This non-dilutive funding provides us with the capital to take us through several key clinical milestones and to support continued advancement of our programs in additional indications as we initiate a Phase 2 trial of NE3107 in Parkinson's disease that is expected to have topline data readout in the first half of 2022 and initiate a Phase 3 trial of BIV201 in the treatment of hepatorenal syndrome-acute kidney injury."

Chad Norman, Senior Portfolio Manager with Avenue Venture Funds, commented, "We are excited to be working with the team at BioVie to help bring forward new and innovative therapies for patients with several unmet medical needs."