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Locus Biosciences Secures Financing of up to $25 Million from Hercules Capital | ||
By: GlobeNewswire - 19 Oct 2021 | Back to overview list |
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Proceeds to be used to advance development of synthetic biology engine and manufacturing capabilities RESEARCH TRIANGLE PARK, N.C., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Locus Biosciences, Inc. (“Locus”), a clinical-stage biotechnology company developing a new class of precision engineered bacteriophage treatments for a diverse set of bacterial and inflammatory diseases, today announced that the company has entered a credit facility of up to $25 million with Hercules Capital, Inc. (NYSE: HTGC), a specialty financing lender for life science and technology companies. The funds under the facility will be available in tranches upon the achievement of specific clinical and business milestones. Through its unique bacteriophage discovery, synthetic biology and manufacturing platform, Locus is developing two innovative categories of biotherapeutics to address significant unmet medical needs: precision products to fight deadly infections, including those caused by multi-drug resistant bacteria; and engineered bacteriophage therapies that utilize bacteria resident in the body to deliver therapeutic molecules. “This agreement with leading biotech lender Hercules underscores the potential of the Locus platform,” said Paul Garofolo, Co-founder and CEO of Locus. “It also provides access to valuable growth capital that supports the expansion of our discovery platform engine and in-house manufacturing capacity.” “With a promising bacteriophage discovery platform combined with a strong network of value-adding partnerships, Locus has created a solid operational foundation from which to grow,” said Bryan Jadot, Senior Managing Director and Group Head for Life Sciences at Hercules Capital. “Hercules is pleased to enter into this strategic relationship with Locus to support its push to fundamentally change the way bacteria-related diseases are treated.” About Hercules Capital, Inc. About Locus Biosciences Media Relations Contact: |
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