Tarsus extends $25M second tranche draw to March 2024, reduces interest rate on credit facility

Tarsus Pharmaceuticals, Inc.

Second tranche of $25M under loan agreement: draw period extended to March 15, 2024; minimum $5M drawn by March 15, 2023 and another $5M by Sept 15, 2023.
Third tranche of $35M available upon FDA approval of TP-03 for Demodex blepharitis; must be drawn by March 15, 2024.
First tranche balance of $20M expired undrawn on December 15, 2022.
Interest rate reduced to prime plus 4.45% (cap 11.45%) or floor 8.45%; no lender fees incurred.
Regulatory milestone for second tranche draw already achieved.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Tarsus Pharmaceuticals, Inc. amended First Amendment to Loan and Security Agreement with Hercules Capital, Inc. and Silicon Valley Bank (effective 2023-01-05).

Action: amendment
Agreement: credit facility
Counterparty: Hercules Capital, Inc. and Silicon Valley Bank
Effective: 2023-01-05

Exact text from the filing

On January 5, 2023, Tarsus Pharmaceuticals, Inc. (the “Company”), Hercules Capital, Inc. (“Hercules”) and Silicon Valley Bank (“SVB” and together with Hercules, the “Lenders”) entered into a First Amendment to Loan and Security Agreement (the “First Amendment”) to amend that certain Loan and Security Agreement, by and between the Company and the Lenders, dated as of February 2, 2022

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Tarsus Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-002528

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