By Angela McDaniels
Seattle, Jan. 5 - Dendreon Corp. has entered into the first of two series of promissory notes with General Electric Capital Corp. for the purchase of equipment and other build-out costs for the company's Hanover, N.J., manufacturing facility, according to an 8-K report filed with the Securities and Exchange Commission.
This series included two notes: one note with a principal amount of $7 million at 7.55% interest and one for $593,954 at 10.2% interest. Both are to be repaid in 36 consecutive monthly installments.
Dendreon deposited $7 million as security for the repayment of the $7 million lent to finance "soft costs" such as leasehold improvements and designs, which will be released pro rata upon the repayment of the loan or upon approval by the Food and Drug Administration of the company's immunotherapy Provenge.
Dendreon is a Seattle-based biotechnology company that develops cancer therapies.
| Issuer: | Dendreon Corp.
|
| Issue: | Promissory notes
|
| Lender: | General Electric Capital Corp.
|
| Amount: | $7,593,954
|
| Interest: | 7.55% for $7 million note
|
| 10.2% for $593,954 note
|
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