TG Therapeutics ups term loan with Hercules Capital to $200 million

By Rebecca Melvin

Concord, N.H., Jan. 4 – TG Therapeutics Inc. said its existing term loan facility agreement with Hercules Capital Inc. has been amended to increase the size of the facility to $200 million, according to a company news release on Tuesday.

Under the terms of the amendment, $70 million was available and drawn at closing on Dec. 30.

The remaining $130 million may be drawn at the company’s option in three subsequent tranches. The first tranche is available upon U.S. Food and Drug Administration approval of a supplemental New Drug Application/Biologics License Agreement for the combination of ublituximab and umbralisib for the treatment of chronic lymphocytic leukemia. The second tranche is available upon FDA approval of the BLA for ublituximab for the treatment of relapsing forms of multiple sclerosis, and the third tranche is available to fund future initiatives, subject to the approval of the Hercules Investment Committee.

Michael S. Weiss, chairman and chief executive officer of TG Therapeutics, stated in the release, “We believe this expansion provides us with the financial flexibility we need in the short-term. With the funds immediately drawn we strengthened our year-end 2021 balance sheet and believe we are now positioned well financially.”

TG Therapeutics is a biopharmaceutical company based in New York.

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