Rigel Pharmaceuticals has entered into a $60 million term loan credit facility with MidCap Financial.
At closing, $10 million was funded to Rigel in an initial tranche. The facility also gives Rigel the ability to access an additional $50 million, of which $40 million is subject to the achievement of certain customary conditions.
“We are excited to have the support of MidCap as we continue to grow our commercial business and pipeline,” said Dean Schorno, Rigel’s chief financial officer. “This facility provides Rigel with the flexibility to focus on our financial goals of reaching profitability and creating value for our shareholders.”
The company also completed collaboration payments totaling $9 million from the newly signed agreements for fostamatinib commercialization in Canada and Israel with Medison Pharma, and a development milestone payment from Aclaris Therapeutics related to a JAK inhibitor licensed from Rigel.
Rigel Pharmaceuticals is a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with immune and hematologic disorders, cancer and rare diseases.
