Pivoting for promise in psoriasis treatment
About DICE Therapeutics
SVB is excited to share this story of DICE Therapeutics, a biopharmaceutical company designing innovative therapies in immunology for patients with chronic diseases. The company is headquartered in San Francisco.
The bold idea
Dr. Kevin Judice, an organic chemist and founder and CEO at DICE Therapeutics, lights up when he talks about the potential to improve daily life for people with psoriasis and other immunological diseases.
Chronic skin diseases often trigger painful and pervasive skin lesions that deprive people of simple actions like sleep and exercise. Outbreaks can drive patients into depression and isolation if left untreated. Injections may help some people, but they can be expensive and inconvenient.
Kevin saw an opportunity for a new oral prescription pill for psoriasis treatment. Leveraging DICE's cutting-edge science and research, a new concept for treating psoriasis began to materialize.
As with many startups, engaging the right partner to establish funding is critical to success and first to market advantage.
The partnership
In 2020, DICE identified a development candidate for its lead program. Initially, Kevin and CFO Scott Robertson engaged with Silicon Valley Bank for financing to continue advancing toward an Investigational New Drug Application and provide flexibility on closing an equity round.
While SVB relationship managers worked to develop a debt solution, DICE engaged SVB Securities to raise equity capital. When the private round revealed strong investor interest, SVB saw an opportunity to optimize the company's financial situation by recrafting its original debt proposal.
SVB provides us with the financial services and support needed to accelerate our growth."
The solution
SVB relationship managers leaned in, working alongside their colleagues at SVB Capital to structure a deal with additional favorable terms to:
- Help secure more than $90 million in financing between equity placement and low-cost, low-dilution debt
- Provide additional availability alongside the equity round's close
SVB positioned DICE for future growth by:
- Helping position the company open investment accounts to handle incoming equity proceeds
- Working with the new controller to augment internal controls and manage foreign exchange risk
The impact
SVB's tailored approach positioned DICE to accelerate the development of its psoriasis therapeutics while extending the runway for subsequent financing. SVB's flexible banking platform keeps entrepreneurs like Kevin energized and moving forward in their quest to improve the lives of people worldwide.
