Akebia Therapeutics (AKBA) has released an update to notify the public and investors about an entry into a material definitive agreement.
Akebia Therapeutics, Inc. entered into a Credit Agreement with Kreos Capital VII (UK) Limited on January 29, 2024, securing a senior secured term loan facility of up to $55.0 million. The agreement provided an initial funding of $37.0 million with additional tranches of $8.0 million and $10.0 million available upon meeting certain conditions, including FDA approval for vadadustat. The loan matures on March 31, 2025, with a possible extension to January 29, 2028, pending FDA approval. The net proceeds from the initial loan were approximately $34.5 million after expenses, and the Company used the funds to repay an existing loan from Pharmakon.
For further insights into AKBA stock, check out TipRanks’ Stock Analysis page.
For a comprehensive understanding of the announcement, you can read the full document here.
