Tekmira Amends Terms of $3 Million Credit Facility With SVB
Tekmira Pharmaceuticals Corporation (TKMR), a developer of RNA interference (RNAi) therapeutics, announced it has amended the terms of its US$3 million term loan from Silicon Valley Bank (SVB) to extend the deadline from September 30, 2012 to December 31, 2012 for any draw down on the loan.
“We are pleased with the continued strong support from our financial partners at Silicon Valley Bank. By amending this credit facility, we have further financial flexibility to continue to fund our core business activities,” said Dr. Mark J. Murray, Tekmira’s president and CEO.
The $3 million loan from SVB may be drawn down at the discretion of the company at any time prior to December 31, 2012. The loan matures on September 1, 2015 and carries a fixed interest rate of 8% annually. If Tekmira chooses to draw down on the loan, principal and interest payments will be made monthly starting on January 1, 2013. Tekmira has not yet drawn down on the loan. The loan will be secured by the assets of the Company and does not include any financial covenants.
RNAi therapeutics have the potential to treat a broad number of human diseases by “silencing” disease causing genes.
Tekmira Pharmaceuticals Corporation is a biopharmaceutical company focused on advancing novel RNAi therapeutics and providing its leading lipid nanoparticle delivery technology to pharmaceutical partners.