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Adaptimmune Therapeutics (ADAP) just unveiled an update.
Adaptimmune Therapeutics plc secured a term loan facility of up to $125 million from Hercules Capital, Inc. and other lenders, with an initial tranche of $25 million on the closing date. The loan, maturing on June 1, 2029, carries an interest rate of 9.65% or more, depending on the prime rate, and includes structured repayments and prepayment premiums. The funds will be used for working capital and corporate purposes, including expenses related to the loan and the development of the company’s products, such as afami-cel for synovial sarcoma, pending FDA approval. The loan is secured by the borrower’s assets and involves a facility charge upon closing, as well as an end-of-term charge.
Learn more about ADAP stock on TipRanks’ Stock Analysis page.