K2 HealthVentures provided an up to $45 million debt financing facility to Molecular Templates. Molecular Templates received a first tranche of $15 million upon closing, a portion of which has been used to repay the remaining indebtedness that was outstanding under the company’s prior credit facility. Two subsequent tranches totaling up to $30 million will become available to Molecular Templates at its option upon the achievement of certain milestones with respect to the second tranche and subject to lender consent and certain additional conditions with respect to the third tranche.
“This debt facility strengthens our balance sheet in a non-dilutive fashion and increases our financial flexibility as we advance and expand our pipeline and grow our internal manufacturing capacity,” Eric Poma, PhD, chief executive and scientific officer of Molecular Templates, said.
Molecular Templates is a clinical-stage biopharmaceutical company.
K2 HealthVentures is a healthcare-focused specialty finance company.