Lawrenceville-based pharmaceutical company Celsion Corp. announced today it has entered into a loan agreement with Hercules Technology Growth Capital Inc. that would permit up to $20 million in new capital distributable in multiple tranches with agreement from Hercules.
According to the announcement, Celsion drew the first tranche of $5 million upon closing of the loan agreement Monday. Approximately $4 million of the proceeds were used to repay the outstanding obligations under the Company's loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation. The company anticipates it would use any additional funding provided under the agreement for working capital or in support of its previously announced strategic acquisition initiative, which is designed to identify new technologies and clinical stage products for its development pipeline.
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