AVEO secured a $14 million credit facility with Hercules Capital.

Pursuant to its 2010 loan and security agreement with Hercules, as amended in 2016, AVEO intends to draw down an additional $5 million in funding from Hercules and will defer the commencement of principal payments on its aggregate loan balance by six months from July 1, 2017 until January 1, 2018.

“AVEO now has resources that we expect will take us well past the anticipated first quarter 2018 readout of the TIVO-3 trial, our U.S. pivotal trial in third-line RCC,” said Michael Bailey, president and CEO of AVEO. “With progress made to date in all three pillars of our tivozanib strategy, including European registration strategy, our North American clinical and regulatory strategy (TIVO-3), and our immunotherapy combination strategy (TiNivo), we look forward to a number of potential transformative events in the coming months.

“We intend to continue to maintain our streamlined operations, while leveraging external resources and our prior investments in tivozanib’s commercial launch preparation, to ensure that our resources are directed toward maximizing the value of our pipeline for patients and our shareholders.”

Cambridge, MA-based AVEO Oncology is a biopharmaceutical company dedicated to advancing a broad portfolio of targeted therapeutics for oncology and other areas of unmet medical need.