NetScientific, an international life sciences and sustainability technology investment group, has completed a US$35mln debt financing agreement for its portfolio company PDS Biotechnology Corporation (NASDAQ:PDSB).
Led by the Horizon Technology Finance Corporation, the term loan 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.
Dr. Ilian Iliev, chief executive officer of NetScientific, said: "This $35m venture debt package by a leading institution is a significant validation of the PDS team's credibility and the validity of their investment and corporate development approach.
“We are looking forward to PDS' further clinical results announcements and progress in their discussions with the FDA (Food and Drug Administration)."
PDS’ chief executive officer Frank Bedu-Addo is anticipating a number of important milestones across the company’s oncology and infectious disease programmes.
“This transaction immediately strengthens our balance sheet and provides the financial resources necessary to advance the company's clinical pipeline,” said Bedu-Addo.
AIM-listed NSCI shares were up 2.4% Thursday morning as of 08:45.