Marks the successful completion of CytoImmune's state-of-the-art facility
TOA BAJA, Puerto Rico, Nov. 9, 2023 /PRNewswire-PRWeb/ -- CytoImmune Therapeutics, a leading biopharmaceutical company developing innovative cell therapies, is pleased to announce that it has repaid its loan facility with Banco Popular in full. The loan, signed in June 2022, provided CytoImmune with $7.5 million of growth capital to support the expansion of its clinical manufacturing facility in Toa Baja, Puerto Rico. Over the past year, the Company has made significant progress in constructing and validating its state-of-the-art cell therapy manufacturing plant, which will produce innovative natural killer (NK) cell therapies for cancer patients.
CytoImmune had leveraged its Act 60 incentives by taking out a loan to expedite the completion of their facility. Today, this facility stands as a paragon of innovation and excellence in the realm of cell therapy development, equipped with the latest technologies and infrastructure essential for advancing groundbreaking treatments for a myriad of diseases. CytoImmune has focused on bringing in revenue by providing development and manufacturing services for client cell therapy programs. This strategic novel initiative has allowed the company to generate the capital necessary to repay the loan ahead of schedule.
"We are thrilled to have paid off our loan facility on an accelerated basis, well before the term date," said José Eduardo Vidal, Ph.D., Chief Executive Officer of CytoImmune Therapeutics. "This exemplifies our disciplined financial management and ability to execute on our long-term strategic goals. The Banco Popular loan facility provided critical funding during a key growth phase for CytoImmune. We are grateful for their support and look forward to continuing our partnership."
"We assisted CytoImmune with the idea of using Act 60 incentives as collateral for financing," said Aurelio Fuentes, founding partner of DECA Analytics, who advised CytoImmune on the transaction. "This concept is providing companies the ability to grow and expand their business and drive economic activity on the Island. In fact, we believe it makes so much sense that we have launched a fund to enable more efficient financing for innovative projects like that of CytoImmune."
The accelerated repayment of this loan positions CytoImmune for continued success as the company expands its impact on the cell therapy field. In addition to advancing its own allogeneic NK cell therapy pipeline, CytoImmune aims to enable other developers to accelerate innovative treatments to patients by providing manufacturing services through its Puerto Rico site.
"The success of local companies like CytoImmune highlights the immense potential that Puerto Rico has as a biotechnology center," said Secretary of Economic Development and Commerce of Puerto Rico, Manuel Cidre. "DDEC will remain committed to supporting the growth of this important and constantly growing industry and with innovative companies like CytoImmune that drive advances in cell therapy and at the same time they create high-quality jobs in Puerto Rico."
CytoImmune remains committed to driving innovation in cell therapy and transforming outcomes for cancer patients worldwide. CytoImmune's future plans include expanding its research portfolio, initiating new clinical trials, and fostering collaborations to usher in the next wave of cell-based treatments. The early loan payoff serves as a springboard, propelling CytoImmune into its next phase of growth and innovation.
About CytoImmune Therapeutics:
CytoImmune Therapeutics is at the forefront of a novel natural killer cell therapy for lung cancer, currently in phase 1 clinical trials. In addition, we are now offering cell therapy development and clinical manufacturing services to both biotechnology companies and academia. Our state-of-the-art clinical cell manufacturing facility in Toa Baja, Puerto Rico, is custom built to support the development and commercialization of cutting-edge T cell or NK cell therapies. At CytoImmune, we are dedicated to fostering collaborations that drive the future of cell therapy and improve the lives of cancer patients. Discover how our expertise in cell therapy development and clinical manufacturing can accelerate your path to success. For additional information, please visit: Cytoimmune.com.
About DECA Analytics:
DECA Analytics is recognized as Puerto Rico's foremost advisory firm, expertly guiding businesses in both initiating and broadening their operations within the island. With profound expertise in Act 60-2019 and its predecessors, namely Act No. 73-2008, Act No. 74-2010, and Act No. 20-2012, DECA Analytics ensures that corporations fully capitalize on the Island's tax incentives. The firm's team, an assembly of financial, operational, legal, and growth strategists, boasts unparalleled knowledge of Puerto Rico's intricate business environment. DECA Analytics distinguishes itself by offering strategic investment support, ensuring rigorous compliance, adeptly structuring capital, and providing access to both low-cost financing programs and non-dilutive capital. Their methodology is rooted in a comprehensive approach, merging precise quantitative analytics with seasoned qualitative insights, guaranteeing efficient processes and maximized fiscal incentives. As pivotal contributors to Puerto Rico's economic advancement, DECA Analytics excels in the generation and monetization of Puerto Rico tax credits, while adeptly navigating grant funding provisions under Act 60. In essence, DECA Analytics is committed to facilitating corporate success within Puerto Rico's dynamic business environment. For additional information, please visit: Deca-Analytics.com.
About the Puerto Rico Innovation Fund:
The Puerto Rico Innovation Fund (PRIF) offers targeted financing to innovative companies in Puerto Rico engaged in R&D activities. Dedicated to bolstering Puerto Rico's economic growth, PRIF supports innovation, facilitating the development of new products and technologies. This focus not only drives business expansion and exports but also promotes job creation. To ensure the viability of its loans, PRIF takes liens on unique collateral available to qualified companies in Puerto Rico including future tax credits and grants, securing both principal and interest repayments. A standout feature of PRIF is its provision of non-dilutive capital, a previously scarce resource for companies engaged in R&D, and especially for those operating in Puerto Rico. This structure allows companies to maintain their equity while accelerating their R&D efforts. In essence, PRIF is pivotal in championing Puerto Rico's innovators through strategic financial support. For additional information, please visit: PRInnovationFund.com
SOURCE CytoImmune Therapeutics