HTGC - Bicycle Therapeutics closes ATM offering; debt financing with Hercules Capital

Bicycle Therapeutics (BCYC) completed its at-the-market offering program initiated during Q3 generating gross proceeds of $50M.Also, it closed a financing with Hercules Capital (HTGC) for a term loan of up to $40M in two tranches; an initial tranche of $30M will be fully available at the loan closing, with a minimum draw of $15M.Financings will allow the company to continue progressing its three clinical programs, support clinical development of lead immuno-oncology candidate BT7480, expected to commence in 2021; extend cash runway well into the 1H23."Over the course of 2020, we have continued to execute on our financing strategy, generating approximately $120M, over half of which was non-dilutive and the remainder was pursuant to our ATM program," president & CFO Lee Kalowski commented.

For further details see:

Bicycle Therapeutics closes ATM offering; debt financing with Hercules Capital