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CTI BioPharma Obtains $18M Secured Loan from Silicon Valley Bank

Friday, 01 December 2017 02:14
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CTI BioPharma Corp. entered into a loan and security agreement with Silicon Valley Bank on Nov. 28, 2017, pursuant to which Silicon Valley has agreed to make a senior secured term loan of up to $18 million. The first $16 million of the term loan was funded on Nov. 28, 2017, and the remaining $2 million is available at the Company's option at any time from the occurrence of a Milestone Event through July 31, 2018, subject to the satisfaction of certain conditions. The term loan is repayable over 36 months after an initial interest-only period of at least 12 months after closing, which will be extended to 18 months upon the occurrence of the Milestone Event.

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