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Mustang Bio enters $20mm venture debt financing with Horizon, gets $15mm up front

Executive Summary

Mustang Bio Inc. (gene and cell therapies for cancers and rare genetic diseases) entered into a $20mm venture debt financing agreement with Horizon Technology Finance. The company received $15mm of the loan up front and can draw down on the remaining $5mm pending achievement of preset milestones. The loan accrues interest at a rate equal to 9% plus the amount by which the one-month LIBOR rate (as reported in the WSJ) exceeds 2.5%, and will be repaid in 42 monthly payments (18 months interest only and 24 months of principal and accrued interest). Upon the initial closing, Mustang issued Horizon ten-year warrants to purchase 288k common shares at $3.47.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
    • Vaccines
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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