Midatech Pharma has entered into a senior secured £6m loan agreement with Silicon Valley Bank, in-line with its strategy.
Midatech would receive an initial tranche of £2m, which was available on signing and was expected to be received within the next 10 working days.
Two further conditional tranches of £2m each would become available on achievement of certain clinical development milestones.
The loans received under the facility would be repayable by June 2020.
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