Genocea Biosciences closed a $14 million term loan with Hercules Capital.

According to a related 8-K filing, the proceeds of the loan will be used to refinance the original loan, dated November 20, 2014, and for working capital and general corporate purposes.

The term loan will mature on May 1, 2021. The advance accrues interest at a floating per annum rate equal to the greater of 7.75% or the sum of 7.75% plus the prime rate minus 5.0%. The term loan provides for interest-only payments until June 1, 2019, which may be extended to December 1, 2019 if certain performance milestones are achieved before May 31, 2019 and no event of default has occurred or is continuing. Interest only payments may be further extended to June 1, 2020 if certain additional performance milestones are achieved before November 30, 2019.

The term loan is secured by a lien on substantially all of the assets of the company, other than intellectual property, provided that such lien on substantially all assets includes any rights to payments and proceeds from the sale, licensing or disposition of intellectual property.