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Silicon Valley Bank Closes up to $70MM in Debt Financing for Sierra Oncology

August 23, 2018, 07:12 AM
Filed Under: Medical

Sierra Oncology, Inc, a clinical stage drug development company focused on advancing targeted therapeutics for the treatment of patients with significant unmet needs in hematology and oncology, announced that it has obtained a debt facility from Silicon Valley Bank to support the advancement of its drug development programs, including to acquire and advance its Phase 3 drug candidate, momelotinib, for the treatment of myelofibrosis.

"This credit facility provides us with the option to access minimally dilutive capital rapidly and incrementally as needed to advance momelotinib, while helping to ensure we remain well capitalized to prosecute our robust development program for SRA737 and commence the clinical program for SRA141," said Dr. Nick Glover, President and CEO of Sierra Oncology. "With this facility, combined with our cash position of approximately $125 million as at June 30, 2018, we believe we have sufficient resources to deliver on key milestones across all three programs."

Under the terms of the debt facility with Silicon Valley Bank, Sierra can borrow up to $15 million in three $5 million tranches, the first of which was drawn by the company on loan closing. The subsequent tranches may be drawn upon the achievement of certain business and clinical milestones associated with the advancement of momelotinib. An additional $25 million is potentially available in an uncommitted incremental facility subject to lender approval.

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