Tekmira Pharmaceuticals said this week that it has secured a $3 million loan, extending its cash runway into 2013.
Separately this week, Tekmira announced that a trial date of Oct. 30, 2012 has been set for its litigation with Alnylam Pharmaceuticals and AlCana Technologies.
According to the company, Silicon Valley Bank has agreed to provide a $3 million term loan, which can be drawn down at Tekmira's discretion at any time before Sept. 30, 2012. The loan matures on June 30, 2015, and carries a fixed annual interest rate of 8 percent.
Tekmira said it has provided the bank with 54,545 warrants at a price of $1.65 each, and will provide additional warrants equal to 2 percent of any draw-down on the loan. Tekmira said it plans to use the funds to support its drug-development efforts and for general corporate purposes.
Meantime, the company's lawsuit against Alnylam and AlCana is proceeding apace, and the court's establishment of a specific trial date “removes any uncertainty about the timeline,” according to a statement from Tekmira President and CEO Mark Murray.
Tekmira sued Alnylam earlier this year for allegedly misappropriating trade secrets related to its proprietary siRNA-delivery technologies (GSN 3/17/2011). Tekmira later expanded its suit to include AlCana.
Both defendants have filed counterclaims.