Hercules Capital amended TG Therapeutics’ existing term loan facility agreement to increase the size of the facility to $200 million, with $70 million funded at closing.

“We are pleased to announce the expansion of our term loan facility with Hercules Capital and the immediate draw of $70 million,” Michael S. Weiss, chairman and CEO of TG Therapeutics, said. “Hercules has been a great partner of ours, and we believe this expansion provides us with the financial flexibility we need in the short term. With the funds immediately drawn, we strengthened our year-end 2021 balance sheet and believe we are now positioned well financially.”

“Hercules is excited to continue and expand our partnership with TG Therapeutics as they advance their pipeline and work to bring their treatments to patients,” Michael Dutra, managing director at Hercules Capital, said. “The new increased commitment from Hercules exemplifies our ability to be long-term capital partners to our portfolio companies and reflects our dedication to financing innovative life sciences companies through development and into commercialization.”

Under the terms of the amendment, the size of the term loan facility was increased to $200 million, with $70 million available and drawn at closing on Dec. 30. The remaining $130 million may be drawn at TG Therapeutics’ option in three subsequent tranches. The first tranche is available upon FDA approval of the supplemental New Drug Application (sNDA)/ Biologics License Agreement (BLA) for the combination of ublituximab and umbralisib for the treatment of chronic lymphocytic leukemia. The second tranche is available upon FDA approval of the BLA for ublituximab for the treatment of relapsing forms of multiple sclerosis. The third tranche is available to fund future initiatives, subject to the approval of Hercules Capital’s investment committee.