25th Aug 2022 14:38
NetScientific PLC - London-based life sciences and sustainability technology investment firm - Says portfolio company PDS Biotechnology Corp has entered into a debt financing agreement led by Horizon Technology Finance Corp to provide up to a USD35.0 million term loan. As part of the financing, PDS has received an initial tranche of USD25 million. It has the option to receive an additional USD10 million. Each advance of the loan will be repaid in 48 monthly payments consisting of 24 monthly payments of interest only, followed by 24 monthly payments of principal and accrued interest.
Says proceeds will be used to support the ongoing clinical development of PDS0101 and other product candidates within the company's pipeline and for general working capital purposes.
NetScientific holds a 47% stake in PDS.
PDS Chief Executive Officer Frank Bedu-Addo comments: "We anticipate a number of important milestones across our oncology and infectious disease programmes. This transaction immediately strengthens our balance sheet and provides the financial resources necessary to advance the company's clinical pipeline.
"We look forward to our meeting with the US Food & Drug Administration this quarter to discuss the registrational trial design for our lead programme."
Current stock price: 59.50 pence
12-month change: down 53%
By Sophie Rose; [email protected]
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