Madrigal Announces Debt Funding Of $250M To Back Potential US Resmetirom Launch

Madrigal Pharmaceuticals Inc MDGL secured a $250 million term loan facility from Hercules Capital Inc HTGC, providing additional funding to support the expanded clinical program and ramp-up for a potential US launch of resmetirom.
The company drew $50 million from the facility at closing and can draw a further $200 million under the agreement.
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Madrigal will pay interest-only for 30 months, which may be extended to 60 months upon the achievement of certain milestones.
The loan matures in May 2026 and may be extended an additional year upon achieving certain milestones.
Madrigal held cash, cash equivalents, and marketable securities of $220 million at the end of March.
In the next few months, the company plans to initiate a second NASH outcomes study of resmetirom, MAESTRO-NASH Outcomes, in approximately 700 patients with early NASH cirrhosis to allow for non-invasive monitoring of progression to liver decompensation events.
Price Action: MDGL shares are down 5.56% at $61.00 during the market session on the last check Monday.