RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--NephroGenex, Inc. (Nasdaq:NRX), a pharmaceutical company focused on the development of therapeutics to treat kidney disease, announced today that it has closed on a $12 million term loan facility with East West Bank. Funds from the term loan will be utilized for working capital purposes, including the advancement of the Company’s clinical development programs. Terms of the $12 million loan facility include an immediate $7 million draw, with the additional $5 million available upon the achievement of certain milestones before the end of May 2015. Following the closing of the loan, management expects the Company’s cash position to be approximately $31 million, extending its cash runway further into 2016. The bank facility matures in 2018.
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