Madrigal Announces $250 Million Debt Financing to Support Potential U.S. Launch of Resmetirom
May 9, 2022 10:14 a.m. | 1 minute read
- Madrigal Pharmaceuticals Inc. MDGL secured a $250 million term loan facility from Hercules Capital Inc. HTGCproviding additional funding to support the expanded clinical program and the ramp-up of a potential resmetirom launch 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: Shares of MDGL are down 5.56% at $61.00 in Monday’s last check trading session.
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