VGI Health Technology
About VGI Health Technology
VGI Health Technology, founded by Dr. Glenn Tong, is an NSX-listed biotechnology company focused on developing and commercialising therapeutic treatments for fatty liver disease (NAFLD/NASH) and pancreatic cancer (pancreatic adenocarcinoma). Fatty Liver disease affects about half of the adult population in the US and pancreatic cancer is one of the most intractable cancers to treat, so both these indications present great unmet medical needs, which VGI Health Technology Limited is focused on addressing.
With a mission to improve patient outcomes through innovation, VGI Health is at the forefront of cutting-edge research in drug development for NAFLD/NASH and pancreatic cancer.
What is the company focused on now?
VGI was in the process of a significant equity capital raise to fuel the next stage of its development and growth. The equity raise was being conducted with investors across the globe and was expected take some time to complete. However, as the company was committed to continually advancing its clinical trials and scaling its operations, as opposed to letting the raise slow them down, they sought access to a non-dilutive funding solution in the interim.
Why did they seek an R&D Loan? What did it help them achieve?
As with most pre-revenue drug development companies, VGI Health Technology was actively seeking ways of minimising the amount of capital it needs to raise to fund its activities, which at the same time minimises the dilution experienced by existing investors who have supported the Company through its journey. In the first quarter of the financial year, the company was navigating a substantial equity capital raise, which was essential for the next phase of the business. However, they wanted working capital in the meantime without having to issue new shares or diluting existing equity. That’s when they turned to Kashcade.
By accessing their R&D refund nearly a year ahead of schedule, they were able to secure the capital they needed immediately. This allowed them to continue their operations and R&D activities without interrupting other aspects of the business or their ongoing capital raise.
What was your experience like with Kashcade?
Kashcade offered exactly what we needed - a quick, non-dilutive solution that fit seamlessly into our capital strategy. The process was incredibly smooth and efficient, and we were able to access multiple top-ups as the year went on.
We were able to access capital quickly, based on the R&D refund we were confident we’d receive in the future, and without having to wait for our capital raise to close, which was key for us.
We’ve worked with Kashcade across multiple years now, and their support continues to be invaluable as our company continues to grow.
“I have personally had direct experience with half a dozen other R&D Lenders in the last 12 years and I would have to say that the process that we went through with Kashcade was the most streamlined and user-friendly that we have ever experienced.”
Dr. Glenn Tong, Founder and Managing Director