MGTX - MeiraGTx inks $100M debt agreement backed by manufacturing facilities
- MeiraGTx Holdings ( NASDAQ: MGTX ) traded higher on Wednesday after the gene therapy company announced a term loan agreement with affiliates of Perceptive Advisors for up to $100M collateralized by its production plants in London, U.K., and Shannon, Ireland.
- With the closing of the deal, the company has issued Perceptive warrants exercisable into 400K ordinary shares of the company at $15.00 apiece and additional warrants exercisable into 300K shares at $20.00 per unit.
- Per the terms, MeiraGTx ( MGTX ) received $75M with the closing of the deal, and the company could seek $25M during the first two years of the agreement under the same terms and collateral.
- The debt facility has an interest-only period of four years and a maturity date of Aug. 02, 2026.
- MeiraGTx ( MGTX ) has earmarked the proceeds for a raft of measures, including further clinical advancement of product candidates and general corporate purposes.
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MeiraGTx inks $100M debt agreement backed by manufacturing facilities