NEW YORK – Cellectis said Thursday that it has entered a €40 million ($42.6 million) credit facility agreement with the European Investment Bank.
The Paris-based gene editing company plans to use the funds to support the development of a pipeline of allogeneic CAR T-cell product candidates: UCART22, UCART20x22, UCART123, and UCARTCS1.
The credit facility is divided into three tranches of €20 million, €15 million, and €5 million, respectively, and disbursement of each portion is subject to certain conditions, which Cellectis said have yet to be satisfied.
These conditions include the completion of certain clinical development milestones by Cellectis' licensee, collection of payments associated with existing or new partnerships, and the instigation of clinical trials.
According to Cellectis, the three tranches will be available within 36 months following the signing of a finance contract, and the credit will carry a decreasing fixed payment-in-kind interest rate per tranche — 8 percent for Tranche A, 7 percent for Tranche B, and 6 percent for Tranche C — with a maturity of six years for each tranche.