By Chris Wack
CalciMedica shares were down 5%, to $2.16, after the company said it has entered into a credit facility with Avenue Venture Opportunities Fund II, a fund of Avenue Capital Group, providing up to $32.5 million.
The biopharmaceutical company said proceeds from the facility are intended to support the continued development of its product pipeline.
The credit agreement, which has a term of 3 1/2 years, includes an initial tranche of $10 million fully funded at close and additional tranches of up to $22.5 million available to the company subject to certain milestones.
There is no minimum cash requirement, nor other financial covenants, in the agreement. With the proceeds from the first tranche of this facility, CalciMedica's cash position is expected to fund current operations into the middle of 2026.
CalciMedica shares hit their 52-week low of $1.86 Tuesday, and are down 53% in the past 12 months.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 05, 2025 12:47 ET (17:47 GMT)
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