Vical gets $10 million loan from Oxford Finance

By Elaine Rigoli

Tampa, Fla., Aug. 25 - Vical, Inc. said Friday that it has entered into a financing arrangement with Oxford Finance Corp. to provide for borrowing of up to $10 million through Dec. 31.

Under the terms of the credit facility, as it is used, separate promissory notes will be executed for each drawdown.

Vical will be required to repay any promissory notes issued under the credit facility in equal monthly installments over 36 months from the date of the applicable drawdown.

The interest rates for the amounts that we draw down under the credit facility will vary based on the timing of each drawdown.

Specifically the interest rates will be based on the three-year U.S. Treasury Bill weekly average rate at the time of the applicable drawdown plus 6.50%. Any promissory notes will be collateralized by a first-priority interest in all of the company's assets except for our intellectual property.

Vical is a pharmaceutical company based in San Diego.

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