GRTS - Gritstone bio announces $80M credit facility

• Gritstone bio ( NASDAQ: GRTS ) on Thursday announced an $80M credit facility with Hercules Capital ( HTGC ) and Silicon Valley Bank.
• At closing, $20M was drawn with an additional $10M available for drawdown by Mar. 15, 2023.
• The remaining $50M will be available in tranches through Jun. 15, 2024, once GRTS meets certain targets.
• GRTS is not obligated to draw funds in the future and there are no warrants associated with the deal.
• "We anticipate several data readouts over the next 18 months, beginning with our SLATE-KRAS product candidate later this quarter. Establishing this facility reduces our dependence on the capital markets," said GRTS CEO Andrew Allen.
• "We believe this credit facility, together with capital conservation measures implemented, meaningfully extends our cash runway," said CFO Celia Economides.

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