NeoStem borrows $20 million.
NEW YORK, N.Y., Sept. 29, 2014 -- NeoStem, Inc. (NBS) said it borrowed $20 million from Oxford Finance LLC, which has made the initial disbursement of $15 million.
The loan matures in September 2018 and the additional $5 million disbursement is available in the event of the company's consummation of a partnering transaction around the company's NBS 10 development program for post acute myocardial infarction patients.
Oxford will have a security interest in substantially all the company's real and personal property, excluding intellectual property. No warrants or common stock were issued in connection with this financing.
The loan will support the launch of the Intus Phase 3 clinical trial in metastatic melanoma, "a significant milestone we anticipate meeting by the end of this year," said CEO Robin Smith.
The company plans to begin the Intus Study, its Phase 3 clinical trial to evaluate the lead product candidate in its targeted immunotherapy program for cancer, NBS20, as an autologous treatment for patients with Stage IV or recurrent Stage III metastatic melanoma, by the end of 2014.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Finance & Funding|
|Publication:||Stem Cell Business News|
|Date:||Oct 6, 2014|
|Previous Article:||Companies agree to joint development of therapy for stroke.|
|Next Article:||Researchers receive $5.8 m federal grant to build 3D liver model.|