ESSA Secures $10 Million Term Loan

ESSA Pharma (TSX:EPI, NASDAQ:EPIX), which develops small molecule drugs for prostate cancer, todaay announces a new US$10 million loan, which it has secured from Silicon Valley Bank.
According to the press release:

“Under the loan and security agreement, the Company will initially draw down US$8 million and has a conditional option to receive an additional US$2 million … The proceeds from the Term Loans will be used for the Company’s future working capital needs.”
CEO Dr. David R. Parkinson said the following:
“This loan facility strengthens our balance sheet as we continue to enroll patients in the Phase 1 dose escalation clinical trial of EPI-506, our product candidate for castrate resistant prostate cancer, and prepare for the Phase 2 portion of the clinical trial.”

Read the full press release here.