HRZN - Cerecor avails $10M under debt financing deal with Horizon Technology
Cerecor (NASDAQ:CERC) completed its second drawdown of $10M under its previously announced $35M debt financing agreement with Horizon Technology Finance (NASDAQ:HRZN). The biopharmaceutical company said the second tranche was made available in connection with positive results from its phase 1b study of CERC-002 to treat Crohn's disease. Cerecor has drawn down a total of $30M under the agreement with Horizon. Each advance of the loan will be repaid in 42 monthly payments. An additional $5M may be funded upon Cerecor achieving certain predetermined milestones. The company said proceeds will be used to support the ongoing clinical development and for general working capital purposes. As of June 30, Cerecor had $40.4M in cash and equivalents, which excludes the current $10M. CERC -1.88% premarket to $2.61 Source: Press Release
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Cerecor avails $10M under debt financing deal with Horizon Technology