Cancer tests (photo pexels)
Eurogen reported today (Tuesday) that it has obtained funding from a managed financial entity in the amount of $ 100 million. Eurogen is engaged in the development and commercialization of solutions for the treatment of orthopedic cancer and unique cancers, the loan will be provided by a financial entity managed by Pharmakon.
A loan received will be a senior loan guaranteed up to $ 100 million and will be given in two installments. $ 75 million is expected to pass into the company in 10 business days and Eurogen will have an option to withdraw an additional amount of up to about $ 25 million, by the end of the year.
More in-
The company is not required to meet any financial criteria but the interest rate will be high and will be linked to LIBOR for 3 months (with a floor of 1.25%) plus 8.25%. The loan will be repaid over 5 years of receiving the first pulse, in the first 48 months it will bear interest only.
“We are pleased to sign this loan agreement, which significantly strengthens our financial position. Based on our revenue forecasts and current financial models, we believe we have the tools to reach a cash balance,” said Liz Barrett, CEO of Eurogen, adding that “in addition to support At Jelmyto’s ongoing launch, funding will provide the capital needed for the pivotal trial, Phase 3 ENVISION, conducted in one arm at UGN-102, and in the planned clinical trial, Phase 1 with multiple arms of UGN-301 “.
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment