Edesa Biotech Secures $10M Credit Facility With Company Founder
Portfolio Pulse from Benzinga Newsdesk
Edesa Biotech, Inc. (NASDAQ:EDSA) has secured a $10 million revolving credit facility from its CEO and Founder, Dr. Par Nijhawan. This comes alongside a C$23 million commitment from the Government of Canada to support a pivotal Phase 3 clinical study of the company's therapeutic candidate, EB05. The credit facility will support the completion of the ARDS study and the development and commercialization of EB05.
October 12, 2023 | 4:17 pm
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Edesa Biotech has secured a $10 million credit facility from its CEO and Founder, which will support the completion of the ARDS study and the development and commercialization of EB05. This is expected to strengthen the company's financial position.
The secured credit facility and the funding commitment from the Government of Canada will provide Edesa Biotech with the necessary financial resources to continue its pivotal Phase 3 study and prepare for potential approval. This is likely to have a positive impact on the company's stock in the short term.
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