|UNITY Biotechnology Announces $80M Debt Financing From Hercules Capital|
|By GLOBE NEWSWIRE|
|Tuesday, 04 August 2020 11:05|
SAN FRANCISCO, Aug. 04, 2020 (GLOBE NEWSWIRE)
SAN FRANCISCO, Aug. 04, 2020 (GLOBE NEWSWIRE) -- UNITY Biotechnology (UNITY) [NASDAQ:UBX], a biotechnology company developing therapeutics to extend healthspan by slowing, halting or reversing diseases of aging, today announced that it has entered into a $80 million debt facility with Hercules Capital [NYSE: HTGC].
"With this financing UNITY has strengthened its balance sheet and we now have additional financial flexibility around the development of our lead senolytic clinical candidates, UBX0101 and UBX1325," said Anirvan Ghosh, Ph.D., chief executive officer of UNITY. "We are excited to be working with the Hercules team who has significant experience supporting innovative life science companies."
UNITY drew down $25 million from the debt facility at closing. An additional $30 million will be available for drawdown subject to the achievement of future milestones. The remaining $25 million will be available for drawdown subject to approval by Hercules.
Further information with respect to the debt financing agreement with Hercules will be contained in a Current Report to be filed on Form 8-K by UNITY with the Securities and Exchange Commission.
Investors Endurance Advisors Mike Zanoni [email protected] Media Canale Communications Jason Spark [email protected]