Hyperion closes funding agreement

On July 18, 2014 Hyperion Therapeutics (HPTX -0.1%) entered into a Loan and Security Agreement with Silicon Valley Bank. The agreement provides two tranches of term loans totaling up to $16M and a revolving credit line of up to $5M. The company drew down both tranches of the loan as soon as the agreement was signed. $5.8M of the amount will be used to pre-pay Hyperion's existing term loan.

The Term Loans will mature on June 30, 2018 and have an interest rate of 4%. The Revolving Loans will mature on July 18, 2017 and have an interest rate of prime plus 0.75%.

As collateral for the loan, the company pledged substantially all of its assets.

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