Peregrine Pharmaceuticals Secures $30 Million Loan Facility
Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) today announced that it has secured a $30 million term loan from Oxford Finance, which was the lead lender, MidCap Financial, and Silicon Valley Bank. Under the loan facility, the company received initial funding of $15 million and has an option to receive an additional $15 million.
"This loan facility strengthens our balance sheet as we approach near-term clinical milestones and continue our ongoing partnering discussions," said Paul J. Lytle, chief financial officer of Peregrine. "With the potential $30 million in total funding, we will have sufficient capital to fund our operations for at least the next 12 months as we advance our lead program toward Phase III development. Leveraging the proof-of-concept data in our lead bavituximab indication in second-line non-small cell lung cancer and our growing contract manufacturing business enabled us to secure this facility, which accomplished the near-term financing goal we announced in mid-July. We appreciate the support of our lender group, their flexibility in structuring a two-tranched loan, and their confidence in the bavituximab program."
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.