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news.MidCap Financial and Silicon Valley Bank has agreed to provide a loan of $15m to drug development and collaboration company Furiex Pharmaceuticals.
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Furiex will use the loan to support research and development for clinical stage compounds JNJ-Q2, MuDelta and PPD10558.
Furiex Pharmaceuticals chief financial officer, treasurer and assistant secretary Marshall Woodworth said as they progress their pipeline toward important clinical milestones, this transaction provides them with additional financial flexibility to reach their research and development goals.