The biopharmaceutical firm is in the midst of clinical trials for its AAT inhaler.
Biopharmaceutical company Kamada Ltd. (TASE: KMDA) has raised a loan of $20 million from US venture lending fund Hercules Technology Growth Capital Inc. (Nasdaq: HTGC). The company will use part of the loan to repay credit it received from two banks, and will earmark the rest for the financing of clinical trials and its strategic program for the next few years.
Hercules Technology specializes in providing venture debt and equity to venture capital and private equity backed technology and life science companies at all stages. The fund's loan to Kamada will bear either annual interest of 10.6%, or the prime rate as published in the "Wall Street Journal" plus 2.9%, whichever is higher. Hercules will also have the right, subject to certain conditions, to participate in future private placements by Kamada.
Kamada is currently developing its Alpha-1 Antitrypsin (AAT) aerosol for the treatment of congenital emphysema and cystic fibrosis.
Published by Globes [online], Israel business news - www.globes.co.il - on January 27, 2008
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