Axovant Announces Full Prepayment of Outstanding Loan from Hercules Capital
Axovant Gene Therapies Ltd. (AXGT)
Last axovant gene therapies ltd. earnings: 2/10 06:00 am
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Source: GlobeNewswire
NEW YORK and BASEL, Switzerland, April 24, 2020 (GLOBE NEWSWIRE) -- Axovant Gene Therapies Ltd. a clinical-stage company developing innovative gene therapies for neurological diseases, today announced that it had prepaid in full its $15.7 million outstanding loan from Hercules Capital, Inc. together with interest, fees and other amounts due. Following the prepayment, the credit facility and loan agreement with Hercules Capital, Inc. was terminated, and all obligations, liens and security interests under the loan agreement were released, discharged and satisfied. “Axovant is debt-free after the loan prepayment announced today. This prepayment has no meaningful impact on our cash runway, removes prior liens by Hercules on our assets, and saves approximately $1 million in interest expense. Together with the $74.7 million equity financing completed in February 2020, the elimination of our debt significantly improves the Company’s balance sheet,” said David Nassif, Chief Financial Offic
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