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Geron Secures Additional $50 Million in Loan Capacity Through End of 2024

4:39PM ET 6/30/2022 MT Newswires
Geron (GERN) late Thursday said lenders Hercules Capital (HTGC) and Silicon Valley Bank have agreed to a $50 million increase to the biopharmaceutical company's existing loan facility, boosting its total borrowing capacity to $125 million over the next 30 months.

Geron currently has about $50 million in outstanding loans, with the remaining $75 million in borrowing available to the company in four tranches - with the initial $20 million available through Sept. 15 and another $10 million available through Dec. 15, and the third $20 million available over the 12 months ending Sept. 15, 2024, subject to the company reaching specified clinical and regulatory milestones.

The final $25 million will be available to Geron through the end of 2024, subject to approval from lenders, the company said, without disclosing other terms of the loan package.

Geron said the new and existing loans would support its ongoing clinical programs, including phase III testing of its prospective treatment for lower-risk myelodysplastic syndromes. Initial results from that late-stage study are due in January 2023, and if the data are supportive, it would be followed by regulatory filings in the US and European Union, it said.