Mast Therapeutics amended its existing $15 million debt facility with Hercules Capital.

The amendment modified key dates in the loan and security agreement to make them subsequent to the company’s anticipated timing for top-line data of its phase 3 clinical study of vepoloxamer in patients with sickle cell disease, known as the EPIC study.

The prepayment condition now requires that $10 million be repaid on July 31, 2016 if positive results from the EPIC study have not been demonstrated to Hercules by that date. The capital raise requirement was eliminated. In addition, the amortization date was extended from June 1 to July 1, 2016, and, in the case of positive EPIC data by July 31, 2016, the amortization date will be extended to March 1, 2017, provided that no event of default has occurred. The company expects top-line data from the EPIC study in Q2/16.

In connection with the debt facility amendment, the company paid Hercules a fee of $37,500 and amended its warrant agreement with Hercules to reduce the warrant exercise price to $0.275, which has the effect of providing the lender with the right to purchase an additional 748,337 shares of the company’s common stock in accordance with the warrant agreement.

“Hercules continues to demonstrate a vested interest in our success,” said Brandi Roberts, Mast’s chief financial officer. “We believe that this amendment underscores Hercules’ confidence in Mast and our development programs.”

“We are pleased to work with Mast and are looking forward to the results from the EPIC study. Our financing will help support Mast through this milestone and the future launch of vepoloxamer,” said Anup Arora, managing director at Hercules.

San Diego, CA-based Mast Therapeutics is a publicly traded biopharmaceutical company. The company is developing two clinical-stage investigational new drugs for serious or life-threatening diseases and conditions.