Updated: Gritstone goes the credit facility route, securing $80M to keep clinical efforts running
A California developer is following up on one of the hottest trends in biotech, taking out a loan to extend its operating runway while the biotech sector takes a beating on Nasdaq.
Vaccine outfit Gritstone bio put out word Thursday that it entered into an $80 million credit facility with Hercules Capital and Silicon Valley Bank. The facility, a type of loan, breaks down in the following: $20 million drawn by Gritstone at closing, with another $10 million available to withdraw by March 15, 2023. The remaining $50 million will become available in tranches through June 15, 2024 as Gritstone achieves certain, unspecified milestones.
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