Clene Inc. CLNN shares are trading higher by 10.81% at $2.46 after the company received a $3 million loan from the Maryland Board of Public Works to support production for its lead drug candidate CNM-Au8.
Clene says this non-dilutive loan for capital equipment purchases will support the expansion of the company’s operations in Cecil County, Maryland, at a new commercial manufacturing facility for production of its lead drug candidate, CNM-Au8®, a gold nanocrystal suspension.
"These funds enable Clene to accelerate our infrastructure buildout without the need for dilutive capital as we work toward commercial-scale manufacturing of CNM-Au8," said Mark Mortenson, Founder & Chief Scientific Officer of Clene Nanomedicine.
"We appreciate the continued financial support from the state of Maryland, the town of Elkton, and Cecil County. This loan is another great example of public-private partnerships that support continued investment in activities that create high-value pharmaceutical manufacturing jobs, specifically producing nanotherapeutics at Clene that have the potential to improve the lives of people living with neurodegenerative diseases."
See Also: Why Cisco Systems Stock Is Falling Today
Clene is a clinical-stage pharmaceutical company pioneering the discovery, development and commercialization of novel clean-surfaced nanotechnology (CSN) therapeutics.
According to data from Benzinga Pro, Clene has a 52-week high of $17.82 and a 52-week low of $1.93.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.