Coronado Biosciences announced it has entered into a $15 million secured loan facility, fully funded at closing, with Hercules Technology Growth Capital.
The loan is repayable in installments over 42 months, including an initial interest-only period of 12 months after closing. Subsequently, the principal, together with interest, will be repaid over the following 30 months.
Pursuant to the loan agreement, Coronado issued Hercules a warrant to purchase 73,009 shares of Coronado common stock at an exercise price of $5.65 per share.
Coronado Biosciences is engaged in the development of novel immunotherapy biologic agents. The company’s two principal pharmaceutical product candidates in clinical development are: TSO, a biologic for the treatment of autoimmune diseases and CNDO-109, a biologic that activates natural killer cells, for the treatment of acute myeloid leukemia and solid tumors.