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Investing.com -- Xbrane Biopharma AB (ST:XBRANE) announced on Thursday it has entered into a conditional financing agreement with Fenja Capital II A/S that would provide a loan of SEK 60 million if there is a delay in the anticipated U.S. Food and Drug Administration approval for its product Lucamzi.
The Swedish biopharmaceutical company said the financing solution would be triggered only in the event that the FDA approval for Lucamzi is delayed beyond its upcoming Biosimilar User Fee Act (BSUFA) date on October 21.
Xbrane stated it remains optimistic about receiving approval on the scheduled BSUFA date but decided to secure this financing arrangement as a proactive measure to ensure the company’s working capital needs would be met in case of any regulatory delays.
The conditional loan represents a precautionary financial strategy as the company approaches its critical FDA decision date next week.
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