- Pacific Mercantile Bank Provides $5.0 Million Credit Facility to RoadEx America
- Allied Affiliated Funding Announces Closed Transactions
- TD Bank Provides $2.4 Million SBA Loan to Support Purchase of The Kubert School
- Continental Business Credit Provides $750,000 Asset-based Lending Facility to a Fast-growing Manufacturer and Distributor of Nutritional and Supplement Powders and Beverages
- Tradewind Provides Credit Facility to Honey Exporter Based in Brazil
Axovant Announces Amendment to Credit Facility with Hercules Capital
December 3, 2019
Source: Yahoo Finance
Axovant Gene Therapies Ltd. (AXGT), a clinical-stage company developing innovative gene therapies, today announced the completion of an amendment to its loan and security agreement with Hercules Capital, Inc. (“Hercules”). The amendment provides for a 9-month interest-only period commencing December 2019, as well as the elimination of the covenant to maintain a minimum cash balance. Prior to the amendment, the minimum cash covenant amount was $30.0 million. Axovant prepaid 50%, or approximately $15.7 million, of outstanding principal due without penalty. No new securities or derivatives in Axovant Gene Therapies Ltd. are being issued as part of this loan amendment with Hercules.
“We are very pleased with the new facility and greatly appreciate the support of Hercules as we continue to strengthen our financial position. The amendment lowers our monthly spend by approximately $2.0 million per month and additionally frees up $15.7 million in cash, formerly subject to the covenant, to support the development of our three clinical programs,” said David Nassif, Chief Financial Officer of Axovant.
Axovant Gene Therapies, part of the Roivant family of companies, is a clinical-stage company focused on developing a pipeline of innovative gene therapy product candidates for debilitating neurological diseases. The company's current pipeline of investigational gene therapy candidates targets GM1 gangliosidosis, GM2 gangliosidosis (including Tay-Sachs disease and Sandhoff disease), and Parkinson’s disease. Axovant is focused on accelerating product candidates into and through clinical trials with a team of experts in gene therapy development and through external partnerships with leading gene therapy organizations. For more information, please visit www.axovant.com.
Roivant Sciences aims to improve health by rapidly delivering innovative medicines and technologies to patients. It does this by building Vants – nimble, entrepreneurial biotech and healthcare technology companies with a unique approach to sourcing talent, aligning incentives, and deploying technology to drive greater efficiency in R&D and commercialization. For more information, please visit www.roivant.com.