NetScientific’s PDS Biotech gets $35 million term loan via Horizon

By Marisa Wong

Los Angeles, Aug. 25 – NetScientific plc announced that its portfolio company, PDS Biotechnology Corp. (PDS Biotech), entered into a debt financing agreement led by Horizon Technology Finance Corp. for an up to $35 million term loan.

As part of the financing, PDS Biotech received an initial tranche of $25 million at closing, according to a Thursday press release. The company has an option to receive an additional $10 million.

Each advance of the loan will be repaid in 48 monthly payments consisting of 24 monthly payments of interest-only, followed by 24 monthly payments of principal and accrued interest.

In connection with the financing, PDS Biotech issued Horizon warrants to purchase up to 4% of the loan amount, 381,625 of its common shares at an exercise price of $3.6685 per share.

Proceeds will be used to support the ongoing clinical development of PDS0101 and other product candidates within the company’s pipeline and for general working capital purposes.

NetScientific is an international life sciences and sustainability technology investment and commercialization group based in London.

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