Memory Pharma secures $10M financing

New Jersey, USA-based Memory Pharmaceuticals has closed a $10.0 million term loan agreement with Hercules Technology Growth Capital under the terms of which the latter will advance $6.0 million to the company. Memory has the option to request up to an additional $4.0 million under the loan agreement from September 15 through December 31, 2007.

"This financing provides the company with a relatively non-dilutive route to greater financial flexibility, and will enable us to increase our efforts on achieving near-term milestones and advancing our diverse portfolio of clinical, preclinical and exploratory research programs," said Michael Smith, vice president of business development.

Memory will make interest-only payments on any advances under the loan agreement through June 2008. Beginning in July 2008, the balance will be payable in equal monthly installments of principal and interest, with the final payment in November 2010.