Full Press Release Details
CORONADO BIOSCIENCES SECURES $15 MILLION LOAN FACILITY FROM HERCULES TECHNOLOGY GROWTH CAPITAL
Burlington, MA August 29, 2012 Coronado Biosciences, Inc. (NASDAQ: CNDO), a biopharmaceutical company focused on the
development of novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, announced today it has entered into a $15.0 million secured loan facility, fully funded at closing, with Hercules Technology Growth Capital, Inc.
(NYSE: HTGC), a leader in customized debt financing for companies in life sciences and technology-related markets.
The proceeds of this
loan facility provide Coronado with additional capital to support our clinical development programs for TSO and CNDO-109, said Dr. Bobby W. Sandage, Jr., Coronado s President and CEO. Our primary focus remains on our phase 2
study of TSO in patients with moderately to severely active Crohn s disease and we expect to have topline data from this study in the second half of 2013. In addition, our development strategy includes supporting investigator-initiated studies
as well as conducting pilot clinical trials evaluating TSO in a broad range of other autoimmune indications, and we are on schedule to start screening patients for the phase 1/2 trial of CNDO-109 in acute myeloid leukemia before the end of this
The loan is repayable in installments over forty-two months, including an initial interest-only period of twelve months after
closing. Subsequently, the principal, together with interest, will be repaid over the following 30 months. Pursuant to the loan agreement, Coronado issued Hercules a warrant to purchase 73,009 shares of Coronado common stock at an exercise price of
$5.65 per share. Further information with respect to the loan agreement with Hercules is contained in a Current Report on Form 8-K to be filed by Coronado with the Securities and Exchange Commission.
About Coronado Biosciences
Biosciences is engaged in the development of novel immunotherapy biologic agents. The company s two principal pharmaceutical product candidates in clinical development are: TSO (Trichuris suis ova or CNDO-201), a biologic for the
treatment of autoimmune diseases, such as Crohn s disease, ulcerative colitis and multiple sclerosis; and CNDO-109, a biologic that activates natural killer (NK) cells, for the treatment of acute myeloid leukemia (AML) and solid
tumors. For more information, please visit www.coronadobiosciences.com.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital (NYSE: HTGC) is a specialty finance firm providing customized loans to public and private
technology-related companies, including clean technology, life science and select
lower middle market technology companies at all stages of development. Since inception, Hercules has committed more than $2.9 billion to over 211 companies and is the lender of choice for
entrepreneurs, venture capital and private equity firms seeking ideal, customized growth capital financing at all stages of a company s development to accelerate business growth and reach the next critical milestone. For more information please
visit info@htgc.com, or call 650-289-3060.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
statements include, but are not limited to, any statements relating to the company s product development programs and any other statements that are not historical facts. Forward-looking statements are based on management s current
expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated
risks relating to the results of research and development activities, uncertainties relating to preclinical and clinical testing, financing and strategic agreements and relationships, the early stage of products under development, our need for
substantial additional funds, government regulation, patent and intellectual property matters; our dependence on third party suppliers and competition, as well as other risks described in our SEC filings. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except
Lucy Lu, MD, Executive Vice President & Chief Financial Officer
Coronado Biosciences, Inc.
781-238-6619; ir@coronadobio.com
Tricia Swanson, Associate
The Trout Group, LLC.