Sierra Oncology Inc (NASDAQ: SRRA) has entered into a term loan agreement with Oxford Finance LLC to support the commercial preparation and potential launch of momelotinib.
- The Company estimates it held cash & cash equivalents of $104.7 million as of December 31, 2021.
- Under the loan agreement terms, Sierra drew an initial $5 million term loan at closing.
- Related: Sierra Oncology Shares Rally As Bone Marrow Cancer Candidate Hits Primary Goal.
- The Company can access up to an additional $120 million in a series of tranches, $70 million of which are based on certain pre-determined milestones, and $50 million is at the lender’s discretion.
- In addition, the Company’s Series B Warrants expire 75 days from today, and if fully exercised, would provide a total of $33.3 million in proceeds to the Company.
- Stephen Dilly, President and CEO said, “Our strong cash position together with the term loan facility with Oxford create great financial optionality for us as we move towards an NDA filing and potential approval of momelotinib.”
- Price Action: SRRA shares are up 49.70% at $23.22 during the market session on the last check Tuesday.
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