ALXO - ALX Oncology inks up to $100M loan agreement to develop cancer drug evorpacept
- ALX Oncology ( NASDAQ: ALXO ) said it signed an agreement with Oxford Finance and Silicon Valley Bank for up to $100M in non-dilutive financing to support the development of cancer drug candidate evorpacept.
- Under the agreement, ALX drew $10M of an initial $50M million tranche at closing, with the remaining $40M available through the end of 2023.
- The company also has access up to an additional $50M with $12.5M available in two tranches based on milestones related to developing evorpacept and one pre-clinical product candidate; $25M would be available at the lenders' will.
- "With ability to draw down up to $50 million of the facility at our discretion, we expect to be able to extend our cash runway to mid-2025," said ALX CFO Peter Garcia.
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ALX Oncology inks up to $100M loan agreement to develop cancer drug evorpacept