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Hercules Capital Expands Term Loan Facility to $200MM for TG Therapeutics

January 04, 2022, 07:40 AM
Filed Under: Biotechnology
Related: Hercules Capital

TG Therapeutics announced that its existing term loan facility agreement with Hercules Capital has been amended to increase the size of the facility to $200 million, with $70 million funded at closing. Michael S. Weiss, Chairman and Chief Executive Officer of TG Therapeutics stated, “We are pleased to announce the expansion of our term loan facility with Hercules Capital and the immediate draw of $70 million. Hercules has been a great partner of ours, and we believe this expansion provides us with the financial flexibility we need in the short-term. With the funds immediately drawn we strengthened our year-end 2021 balance sheet and believe we are now positioned well financially.”

Michael Dutra, Managing Director at Hercules Capital shared, “Hercules is excited to continue and expand our partnership with TG Therapeutics as they advance their pipeline and work to bring their treatments to patients. The new increased commitment from Hercules exemplifies our ability to be long-term capital partners to our portfolio companies and reflects our dedication to financing innovative life sciences companies through development and into commercialization.”

Under the terms of the amendment, the size of the term loan facility was increased to $200 million, with $70 million available and drawn at closing on December 30, 2021. The remaining $130 million may be drawn at the Company’s option, in three subsequent tranches. The first tranche is available upon U.S. Food and Drug Administration (FDA) approval of the supplemental New Drug Application (sNDA)/ Biologics License Agreement (BLA) for the combination of ublituximab and umbralisib (referred to as “U2”) for the treatment of chronic lymphocytic leukemia (CLL), the second tranche is available upon FDA approval of the BLA for ublituximab for the treatment of relapsing forms of multiple sclerosis (RMS), and the third tranche is available to fund future initiatives, subject to the approval of the Hercules Investment Committee.

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