- Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) secured a $250 million term loan facility from Hercules Capital Inc (NYSE:HTGC), providing additional funding to support the expanded clinical program and ramp-up for a potential US launch of resmetirom.
- The company drew $50 million from the facility at closing and can draw a further $200 million under the agreement.
- Related Content: Madrigal Pharma's Kidney Disease Candidate Improves Liver, Cardiovascular Health.
- Madrigal will pay interest-only for 30 months, which may be extended to 60 months upon the achievement of certain milestones.
- The loan matures in May 2026 and may be extended an additional year upon achieving certain milestones.
- Madrigal held cash, cash equivalents, and marketable securities of $220 million at the end of March.
- In the next few months, the company plans to initiate a second NASH outcomes study of resmetirom, MAESTRO-NASH Outcomes, in approximately 700 patients with early NASH cirrhosis to allow for non-invasive monitoring of progression to liver decompensation events.
- Price Action: MDGL shares are down 5.56% at $61.00 during the market session on the last check Monday.
