TroyGould Represents CytRx in $40 Million Long-Term Debt Financing
TroyGould PC represented long-time client CytRx Corporation, a biopharmaceutical research and development company specializing in oncology, in connection with a long-term loan and security agreement with Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P. for up to $40 million in financing. CytRx has received the first $25 million of financing under the loan and security agreement. The proceeds will be used for pre-commercialization and manufacturing activities for aldoxorubicin, clinical development, and general corporate purposes. A second tranche of up to $15 million will be available on or before December 31, 2016 if CytRx announces positive data from its global pivotal Phase 3 clinical trial of aldoxorubicin for the treatment of soft tissue sarcoma and initiates a clinical trial of a second novel drug candidate based on CytRx’s LADR technology platform.
TroyGould members Dale Short and Darren Freedman handled the transaction.