On October 1, 2020 Exicure, Inc. (Nasdaq: XCUR), a pioneer in gene regulatory and immunotherapeutic drugs utilizing spherical nucleic acid (SNA) constructs, reported it has entered into a $25.0 million senior secured term loan with MidCap Financial Trust (MidCap), as agent, and Silicon Valley Bank (SVB) (Press release, Exicure, OCT 1, 2020, View Source [SID1234567915]).

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The lenders under the debt facility have made available to Exicure an aggregate principal amount up to $25.0 million. Exicure has now received $17.5 million of proceeds and an additional $7.5 million can be drawn at Exicure’s discretion anytime between April 1, 2021 and September 30, 2021. The loan requires interest payments only for 24 months followed by 36 months of straight-line amortization after the interest only period.

"We believe this non-dilutive debt facility has enhanced Exicure’s financial flexibility," said David Giljohann, CEO of Exicure. "We are grateful to MidCap and SVB for the confidence they have shown in our preclinical and clinical programs in neurology and oncology, and plan to use these funds for the ongoing execution and expansion of our pipeline," concluded Dr. Giljohann.