The cell therapeutics company announced in a statement Tuesday morning that the move will allow it to ramp up its clinical studies, research and development programs and commercial activities.
The unsecured credit facility carries 5% interest and all payments are deferred for 36 months. It is not convertible into equity.
“This funding provides us capital to execute a number of our clinical activities and milestones related to our ongoing cellular immunotherapy, regenerative medicine, as well as exosome-based programs,” CEO David Jin said in a statement. “We are grateful for our chairman’s continued support and his confidence in the commercial outlook for the business.”
The funds come at a time when the Freehold, New Jersey company recently launched a clinical trial of its immunotherapy treatment and helps the company prepare for others, Jin said.
“Last month, we initiated our first-in-human clinical trial of CAR-T candidate, AVA-001, in China,” said Jin. ”Concurrently, other immune effector cell therapy candidates are actively undergoing pre-clinical development and validation, with anticipation of more first-in-human clinical studies initiated in year 2020 and beyond. In addition, we are in the planning phase to launch commercial products that leverage our advanced, clinical-grade exosome platform.”
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