Nanotherapeutics secures $30 million loan facility
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.