Gene ther­a­py biotech us­es its man­u­fac­tur­ing sites as col­lat­er­al to net a $100M loan

Gene ther­a­py biotech MeiraGTx is look­ing to get some quick cash and is putting up its man­u­fac­tur­ing fa­cil­i­ties to do it.

On Wednes­day the com­pa­ny an­nounced that it had clinched a loan with af­fil­i­ates of Per­cep­tive Ad­vi­sors for up to $100 mil­lion, with the biotech get­ting $75 mil­lion up­on clos­ing.

Ac­cord­ing to CEO Alexan­dria Forbes, the biotech se­cured the cap­i­tal by putting up its man­u­fac­tur­ing fa­cil­i­ties for col­lat­er­al, which will ex­tend the com­pa­ny’s cash run­way for the next two years and in­to Q4 of 2024. The Sam Wak­sal-found­ed biotech in­tends to use the cash pri­mar­i­ly to con­tin­ue de­vel­op­ment of its pipeline, pre­clin­i­cal pro­grams and tech­nol­o­gy plat­forms.

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