In California, Verenium, an industrial biotechnology company focused on the development and commercialization of enzymes, announced the signing of a $22.5 million secured debt financing with the Athyrium Opportunities Fund.
Net proceeds after estimated expenses will be approximately $21.3 million, providing Verenium with capital to continue to advance its Product Pipeline to commercialization, enhance its manufacturing capabilities, and fund general working capital purposes. The debt bears interest at 11.5% per annum, with interest payments due quarterly over a five-year term and the principal balance due as a lump-sum payment at maturity in December 2017.
More background on the story from the Digest
Category: Chems & Materials