Nanotherapeutics secures $30 million loan facility

Nanotherapeutics, Inc., an integrated biopharmaceutical company, announced on Tuesday that it secured a $30 million loan facility from Hercules Technology Growth Capital, Inc.

Nanotherapeutics seeks to use the funds to support its efforts to expand its manufacturing infrastructure. The company's major focus is to develop a diversified proprietary pipeline of products with both biodefense and medical applications, including vaccines, medical countermeasures and anti-infectives. It intends to capitalize on its capabilities through partnerships with government and established companies while it funds the development of its internal pipeline.

The Alachua, Fla.-based company is building a $135 million, 165,000 square foot manufacturing facility in Alachua to fulfill a contract with the DoD. Under the contract, Nanotherapeutics is developing and manufacturing drugs to treat bioterrorism and radiological threats. The contract contains a $136 million base period with a 10-year option period worth up to $359 million if all options are exercised, Gainesville.com reports.

Construction of the facility is expected to be complete in early 2015.

Hercules Technology Growth Capital, Inc., is a specialty finance company seeking to provide senior secured loans to venture capital-backed companies in technology-related markets at all stages of development. Since its inception in December 2003, Hercules committed more than $4.2 billion to more than 270 companies.