Sarepta Therapeutics announced it entered into a credit and security agreement with Midcap Financial that establishes a senior secured term loan facility, which allows Sarepta to borrow up to $40 million at an annual rate of 7.75%, with a maturity of June 2018, subject to certain conditions and other applicable fees.

Sarepta said it has drawn down $20 million under the facility and has the right to repay all borrowed funds and terminate the facility at any time.

Cambridge, MA-based Sarepta Therapeutics is a biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare, infectious and other life threatening diseases.