MidCap Financial also gets 10-year warrants for 176,470 preferreds
By Devika Patel
Knoxville, Tenn., Sept. 7 - KaloBios Pharmaceuticals, Inc. settled a $15 million term loan financing with MidCap Financial SBIC, LP on Sept. 5, according to an 8-K filed Friday with the Securities and Exchange Commission.
The loan is due Dec. 31, 2016 and accrues interest at a rate equal to one-month Libor plus 600 basis points.
General Electric also received warrants for 176,470 series E preferred shares, which are exercisable at $3.40 until Sept. 5, 2022.
Proceeds will be used for clinical development of the company's proprietary patient-targeted monoclonal antibody therapeutics and general corporate purposes.
KaloBios, a private company based in South San Francisco, Calif., is developing a proprietary portfolio of patient-targeted, first-in-class monoclonal antibodies (mAbs) designed to significantly improve the lives of seriously ill patients with difficult-to-treat diseases.
| Issuer: | KaloBios Pharmaceuticals, Inc.
|
| Issue: | Term loan
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| Amount: | $15 million
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| Maturity: | Dec. 31, 2016
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| Coupon: | One-month Libor plus 600 bps
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| Warrants: | For 176,470 series E preferreds
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| Warrant expiration: | Sept. 5, 2022
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| Warrant strike price: | $3.40
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| Investor: | MidCap Financial SBIC, LP
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| Settlement date: | Sept. 5
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