Celsion is required to make an upfront payment of $3.4M, and to fund that closes on its 2nd $5M tranche under its $20M Loan and Security Agreement with Hercules Technology Growth Capital (HTGC). Under terms of that Agreement made last November, Celsion obtained consent from Hercules to move forward with the purchase.
The funding is variable-rate, and Hercules also has a warrant (expiring in 2018) to buy nearly 200K shares of Celsion at $3.59 each.
Source: Press Release
Previously: Celsion buys cancer therapeutics firm