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Melinta down 6% premarket on inability to draw additional funds from loan

|About: Melinta Therapeutics, ... (MLNT)|By:, SA News Editor

Citing a "lack of clarity" regarding its ability to meet certain requirements under its loan with Vatera Investment Partners LLC, Melinta Therapeutics (NASDAQ:MLNT) discloses that it will unable to draw additional funds under the $135M loan.

It drew $75M in February. The remaining $60M was available in two draws, up to $25M after March 31 and on or prior to June 30 and up to $35M after June 30 and on or prior to July 10, subject to conditions.

The parties amended the loan agreement on June 28, reducing the available funds to $27M from $60M and extending the period to draw the money.

Shares are down 5% premarket on modest volume.

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