Altimmune (ALT) has entered into an agreement with Hercules Capital (HTGC) for up to $100 million in a credit facility, with a $15 million tranche funded at closing. Additional tranches will become available upon achievement of certain clinical and financial milestones aligned with the Company’s pemvidutide development plans and financing needs. Access to this additional capital strengthens Altimmune’s balance sheet, which included $150 million in cash and cash equivalents as of March 31, 2025, and will support the ongoing development of pemvidutide, Altimmune’s novel GLP-1/glucagon dual receptor agonist. Pemvidutide is currently being studied in IMPACT, a Phase 2b trial in metabolic dysfunction-associated steatohepatitis, with top-line data expected in Q2 2025. In addition, Phase 2 trials evaluating pemvidutide in Alcohol Use Disorder and Alcohol Liver Disease are expected to be initiated in the second and third quarters of 2025, respectively. Under the terms of the agreement, $15 million will be drawn at closing. An additional $25 million is available in 2025 at Altimmune’s option, subject to certain clinical and financial milestones. The remaining $60 million is available beginning in 2026, with $15 million subject to the achievement of certain clinical and financial milestones and up to $45 million available subject to the approval of Hercules. The facility is structured as interest only for the first 24 months, extendable up to 42 months on achievement of milestones. The loan matures 48 months from closing, and no warrants are included in the agreement.
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