Liquidia receives $20.5 million term loan maturing September 2024

By Rebecca Melvin

New York, March 2 – Liquidia Corp. has obtained a $20.5 million term loan with Silicon Valley Bank, of which the first $10.5 million was funded at closing of the facility on Feb. 26, according to a press release.

Under the terms of the debt facility, Silicon Valley Bank will make loans available in three tranches. Proceeds from the first tranche of $10.5 million have been used to retire Liquidia’s existing term debt with Pacific Western Bank. A second tranche of $5 million is available upon the Food and Drug Administration granting Liquidia tentative approval for its pulmonary arterial hypertension treatment, LIQ861, by June 30, 2022, and the third tranche of $5 million is available upon receipt of final and unconditional approval for the treatment by Dec. 31, 2022.

The debt facility matures on Sept. 1, 2024 and will consist of interest-only payments through March 31, 2023.

The biopharmaceutical company is based in Research Triangle Park, N.C.

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