On March 18, 2019 Transgene (Euronext Paris: TNG), a biotech company that designs and develops virus-based immunotherapies against cancers and infectious diseases, reported that it has secured a €20 million revolving credit facility with Natixis, the French Corporate and Investment bank (Press release, Transgene, MAR 18, 2019, View Source [SID1234621822]).

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The credit facility will have a 30-month term and Transgene will be able to draw on and repay the facility at its discretion.

Transgene has used its shares in the Chinese biotech company Tasly Biopharmaceuticals as collateral for this loan. As a reminder, Transgene became a Tasly Biopharmaceuticals shareholder in July 2018 and holds 2.5% of its capital as the result of a series of agreements under which Transgene transferred to Tasly Biopharmaceuticals its Chinese rights to T601 and T101, two immunotherapies discovered by Transgene and which are currently being developed by Tasly Biopharmaceuticals in Greater China. Tasly Biopharmaceutials has announced its intention to list its shares on the Hong Kong Stock Exchange.

Jean-Philippe Del, Vice President, Finance, said: "I am glad that we have been able to monetize our shareholding in Tasly Biopharmaceutical to extend our cash runway. With this new loan facility, we now have the funds needed to support our clinical and pre-clinical activities until mid-2020."