Celcuity extends draw period of $10 million term C loan via Innovatus

By Wendy Van Sickle

Columbus, Ohio, April 1 – Celcuity Inc. entered on March 29 into a second amendment to its existing loan and security agreement dated April 8, 2021 with Innovatus Life Sciences Lending Fund I, LP to extend the date through which the company may draw on the $10 million term C loan, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the company may now draw on the term C loan through June 1, pushed out from April 1.

The loan agreement provides Celcuity with up to $75 million of funding in five parts. Funding of the first $15 million term loan occurred on April 8, 2021, and an additional $20 million loan occurred on Dec. 22, 2022. The company became eligible to draw on the term C loan upon its achievement of a specified milestone.

Based in Baltimore, Celcuity is a clinical-stage biotechnology company that seeks to extend the lives of cancer patients using an integrated therapeutic and companion diagnostic strategy.

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