RANI - Rani Therapeutics enters $45M loan agreement to support advancement and pipeline development

• Rani Therapeutics ( NASDAQ: RANI ) enters a loan agreement with Avenue Venture Opportunities Fund for up to $45M of funding.
• This financing is expected to support the continued advancement of the RaniPill platform and ongoing clinical development of the company’s drug pipeline.
• Under the loan agreement, company will receive $15M of the initial $30M tranche at closing, with the remaining $15M available for draw at the company’s discretion in Q4 2022.
• Company has the right to request an additional $15M of funds in the future if certain conditions and milestones are met.
• Interest at a variable rate equal to the greater of (1) prime, plus 5.6% and (2) 10.35%

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