California-based Annexon, Inc. (Nasdaq: ANNX) announced a senior secured credit facility of up to USD 200 million from Oxford Finance LLC, structured to provide non-dilutive capital as two late-stage programs approach regulatory submission. With a Biologics License Application (BLA) to the US FDA and a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) both planned or already filed for tanruprubart, the facility is designed to bridge the company through potential commercial launch without requiring additional equity dilution.
Under the terms, Annexon drew an initial USD 50 million at closing. A further USD 100 million becomes available upon the achievement of milestones tied to the vonaprument and tanruprubart registrational programs, with the remaining USD 50 million available subject to lender approval. Oxford Finance, an Alexandria, Virginia-based specialty lender with more than USD 18 billion in loans originated since 2002, is the sole lender.
Tanruprubart (formerly ANX005), an anti-C1q monoclonal antibody administered as a single intravenous infusion, met its primary endpoint in the pivotal Phase III ADHERE trial in Guillain-Barré Syndrome (GBS), demonstrating a statistically significant 2.4-fold improvement on the GBS Disability Scale versus placebo. Annexon submitted its EMA MAA in January 2026 and said the FDA BLA submission is planned for 2026, supported by data from the ongoing FORWARD open-label study. Vonaprument (formerly ANX007), an intravitreal anti-C1q antibody in development for dry age-related macular degeneration (AMD) with geographic atrophy (GA), completed enrollment in the Phase III ARCHER II trial ahead of schedule in mid-2025, with topline pivotal data expected in the second half of 2026. The facility's milestone tranches are linked to progress across both programs, meaning the USD 100 million second tranche is contingent on Annexon delivering on its regulatory and clinical timelines.