🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Olema Pharmaceuticals doubles loan capacity to $100 million

Published 02/07/2024, 21:36
OLMA
-

SAN FRANCISCO – Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) has amended its Loan and Security Agreement with Silicon Valley Bank, increasing its borrowing capacity from $50 million to $100 million, according to a recent 8-K filing with the Securities and Exchange Commission. The amendment, made on Thursday, also extends the loan's maturity date to July 1, 2028.

Under the new terms, $25 million is immediately accessible to Olema Pharmaceuticals, with an additional $25 million contingent upon reaching specific milestones related to a pivotal Phase 3 clinical trial of their drug candidate, palazestrant, in combination with ribociclib. The remaining $50 million is subject to the bank's approval. To date, no funds have been drawn under the initial Loan Agreement, which was established on September 5, 2023.

The expanded financial flexibility comes as Olema continues to advance its clinical programs. The funds are expected to support the company's development of palazestrant, a potential treatment for hormone receptor-positive breast cancer. The 8-K filing indicates that details of the amendment will be included in the company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2024.

Olema Pharmaceuticals, headquartered at 780 Brannan Street in San Francisco, operates within the pharmaceutical preparations industry under the SIC code 2834. As a public entity, Olema is required to disclose material information, including financial agreements that could influence its operations and financial health.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.