Madrigal Announces $250 Million Debt Financing to Support Benzinga’s Potential U.S. Launch of Resmetirom

© Reuters. Madrigal Announces $250 Million Debt Financing to Support Potential U.S. Launch of Resmetirom

  • Madrigal Pharmaceuticals Inc (:MDGL) secured a $250 million term loan facility from Hercules Capital Inc (NYSE:HTGC), providing additional funding to support the expanded clinical program and ramp-up of a potential launch of resmetirom in the United States.
  • The company withdrew $50 million from the facility at closing and may withdraw an additional $200 million as part of the deal.
  • Related Content: Madrigal Pharma’s Kidney Disease Candidate Improves Liver and Cardiovascular Health.
  • Madrigal will only pay interest for 30 months, which can be extended to 60 months after certain milestones are met.
  • The loan matures in May 2026 and can be extended for an additional year after reaching certain milestones.
  • Madrigal held cash, cash equivalents and marketable securities of $220 million at the end of March.
  • In the coming months, the company plans to initiate a second resmetirom NASH outcome study, MAESTRO-NASH Outcomes, in approximately 700 patients with early NASH cirrhosis to enable noninvasive monitoring of progression to decompensation events. hepatic.
  • Price Action: MDGL shares are down 5.56% at $61.00 during Monday’s last check trading session.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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