On May 22, 2020 Molecular Templates, Inc. (Nasdaq: MTEM, "Molecular Templates," "MTEM" or the "Company"), a clinical-stage biopharmaceutical company focused on the discovery and development of the Company’s proprietary targeted biologic therapeutics, engineered toxin bodies (ETBs), reported it has secured a debt financing facility for up to $45 million from K2 HealthVentures, a healthcare-focused specialty finance company (Press release, Molecular Templates, MAY 22, 2020, View Source [SID1234558412]). MTEM received a first tranche of $15 million upon closing, a portion of which has been used to repay the remaining indebtedness that was outstanding under the Company’s prior credit facility. Two subsequent tranches totaling up to $30 million will become available to MTEM, at its option, upon the achievement of certain milestones with respect to the second tranche and, subject to lender consent and certain additional conditions with respect to the third tranche.

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"This debt facility strengthens our balance sheet in a non-dilutive fashion and increases our financial flexibility as we advance and expand our pipeline and grow our internal manufacturing capacity," said Eric Poma, Ph.D. Molecular Templates’ Chief Executive and Scientific Officer.