Halozyme Therapeutics Inc. (Nasdaq: HALO) has secured an additional $20 million loan from Oxford Finance and Silicon Valley Bank, the San Diego biopharmaceutical company said Monday.
The company entered into an Amended and Restated Loan and Security Agreement in December 2013, extending the original $30 million term loan and providing for an additional $20 million term loan. The agreement brought the total loan balance to $50 million, and the term loan was fully drawn at close on Dec. 27. It has a maturity date of Jan. 1, 2018.
Proceeds from the loan, the company said, will be used for "working capital and other near-term growth initiatives."
As of Dec. 31, Halozyme reported having approximately $71 million in cash and cash equivalents.
Halozyme's research is focused primarily on a family of human enzymes, known as hyaluronidases, which increase the absorption and dispersion of biologics, drugs and fluids. The company markets the Hylenex recombinant, a hyaluronidase human injection, and has partnerships with Roche, Pfizer, Baxter, and Intrexon.