PhaseBio (NASDAQ:PHAS) has closed a $15M loan facility with Silicon Valley Bank and WestRiver Innovation Lending Fund. It will receive the first tranche of $7.5M at closing. A second tranche of $2.5M will be available through May 31 and the remaining $5M will be available subject to the achievement of certain clinical milestones.
The initial $7.5M will fund the repayment of existing borrowings.
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