Abeona Therapeutics Inc. announced that it has entered into a loan and security agreement for a private placement with the amount of $50 million on January 8, 2024. The transaction will include participation from new lender, Avenue Venture Opportunities Fund, L.P., Avenue Venture Opportunities Fund II, L.P., a fund managed by Avenue Capital Group, LLC. The company has issued credit facility in the transaction.

The loan will mature on July 1, 2027. The loan is secured and senior in nature. The company has committed a tranche of $20 million advanced on the closing date, a committed tranche of up to $10 million which may be advanced upon the request of the company between June 30, 2024 and September 30, 2024, subject to the company obtaining FDA approval of pz-cel in recessive dystrophic epidermolysis bullosa, with the issuance of a priority review voucher and a discretionary tranche of up to $20 million which may be advanced between March 31, 2025 and March 31, 2026 provided at the discretion of the lenders.