Codiak BioSciences gets final approval to access cash collateral

By Sarah Lizee

Olympia, Wash., April 24 – Codiak BioSciences, Inc. received final court approval to access the cash collateral of prepetition secured lenders Hercules Capital, Inc. and its affiliates, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As of the petition date, the debtors owed about $25 million in principal and additional amounts in accrued interest and other costs to the lenders.

Codiak and the lenders have reached an agreement on the consensual use of cash collateral.

Codiak BioSciences is a clinical-stage biopharmaceutical company based in Cambridge, Mass. The company filed bankruptcy on March 27 under Chapter 11 case number 23-10350.

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