Business
Clene Announces Closing of $5 Million Debt Facility from the State of Maryland
Funding Demonstrates Importance of Working with Private Sector to Improve Lives of Marylanders, says Governor Hogan SALT LAKE CITY, Dec. 12, 2022 (GLOBE
About this update from Clene Inc.
[{"type":"text","content":"Funding Demonstrates Importance of Working with Private Sector to Improve Lives of Marylanders, says Governor Hogan\nSALT LAKE CITY, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries “Clene”) and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease, today announced the closing of a $5 million debt facility (the “Loan”) with the Maryland Department of Housing and Community Development (“DHCD”). The State Small Business Credit Initiative (“SSBCI”) program within DHCD sourced the funds for the Loan from the U.S. Department of Treasury. All conditions related to the Loan were satisfied by Clene. The Loan bears interest at a rate of 6% per annum and has a maturity date 60 months from the first day of the second full month following the date the Loan closes. Mark Mortenson, Founder and Chief Science Officer of Clene, commented, “We are immensely appreciative of the financial support from the State of Maryland and DHCD. This Loan is a good example of an effective public-private partnership that supports continued investment in activities that create high-value pharmaceutical manufacturing jobs, specifically producing nanotherapeutics at Clene that have the potential to improve the lives of people living with neurodegenerative diseases.” Maryland Governor Larry Hogan said, \"Providing funds for Clene Nanomedicine to expand demonstrates the importance of working with the private sector to improve the lives of Marylanders. I congratulate Clene Nanomedicine and look forward to the creation of pharmaceutical manufacturing jobs thanks to the SSBCI programs.” Rob Etherington, CEO and President of Clene, added, “These funds will be important in Clene’s efforts to advance its lead asset CMN-Au8, targeting neurodegenerative diseases with our initial focus on ALS. We are excited to have Maryland as the epicenter for our research, development, and production activities.” About Clene Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease by targeting energetic failure, an underlying cause of many neurological diseases. The company is based in Salt Lake City, Utah, with R&D and manufacturing operations in Maryland. For more informatio...