Biotechnology company Cidara Therapeutics entered into an agreement with Square 1 Bank for a $20 million credit facility.
Proceeds from the facility will provide working capital to support Cidara’s CD101 and CD201 programs which are in development to treat serious fungal and multi-drug resistant bacterial infections.
“The additional capital made available by this credit facility will provide Cidara with financial flexibility, additional operating capital, and funding to advance the development activities of our pipeline of drug candidates,” said Jeff Stein, Ph.D., president and CEO of Cidara. “We appreciate the support of Square 1, and its confidence in our programs and the Cidara management team.”
“We are excited to be working with such a strong board and management team. Cidara’s leadership has a proven record of accomplishment in the development and commercialization of anti-infectives,” Rilus Graham, senior vice president in Square 1’s life sciences practice, said
Cidara is a clinical-stage biotechnology company focused on developing new anti-infectives that have the potential to transform the standard of care and save or improve patients’ lives.