Urogen Pharma rises on securing $100 million loan financing

UroGen Pharma

08/03/2022 17:50

** U.S.-listed shares of biotech co  URGN.O  rise 28.6% to
$8.00, hitting their highest level in over a month 
    ** URGN says it secured a $100 million loan facility from
funds managed by Pharmakon Advisors  urn:newsml:reuters.com:*:nBw8XxkBra 
    ** The financing will allow URGN to reach a break even in
cash flow and will support launch of co's cancer drug Jelmyto
    ** Co is not required to maintain any financial covenants as
a condition under loan facility 
    ** The facility will mature in five years and is available
to be drawn in two tranches of $75 million and $25 million
    ** Up to Monday's close, stock had fallen 68.7% in the last
12 months 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))