Rockwell Medical has closed a $20 million debt financing with Hercules Technology Growth Capital Inc.

"This $20 million straight-debt financing coupled with our recent $40 million equity financing provides us with sufficient cash to get SFP to commercial launch," said Rob Chioini, founder, chairman and CEO of Rockwell Medical. "We are on schedule to release Phase 3 efficacy data for CRUISE-1 and look forward to those study results."

Rockwell is conducting two pivotal Phase 3 efficacy studies called CRUISE-1 and CRUISE-2. Each study is a prospective, randomized, placebo-controlled, multicenter study to demonstrate efficacy and safety of SFP-iron, delivered via dialysate, in adult CKD patients requiring hemodialysis. Each study comprises approximately 300 patients, randomized equally between SFP and placebo groups with a treatment period of up to 12 months. The primary efficacy end-point for both studies is the mean change in hemoglobin from baseline.

Hercules Technology Growth Capital Inc. is a specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science and cleantech industries at all stages of development.