Puma received gross proceeds of $50 million from the first tranche of the credit facility upon closing on Oct. 31.
Puma Biotechnology said it has secured a term loan of up to $100 million to market its drug Nerlynx, which was recently approved by the U.S. Food and Drug Administration as a treatment to reduce the risk of breast cancer recurrence.
Los Angeles-based Puma (Nasdaq: PBYI) said it has entered into a loan agreement with Silicon Valley Bank and Oxford Finance, a specialty finance firm that provides senior debt to life sciences and health-care services companies.
Puma received gross proceeds of $50 million from the first tranche of the credit facility upon closing on Oct. 31 and intends to use the funds for general corporate purposes and to further support Nerlynx commercial initiatives.
