By Chris Wack

 

Regulus Therapeutics Inc. said Tuesday it received a total of $5 million in milestone and material payments from Sanofi.

The biopharmaceutical company said that as outlined in a recent amendment to its term loan agreement with Oxford LLC, it used the proceeds to pay down $5 million in principal outstanding, reducing the remaining principal due under the term loan to $9.6 million.

In August, Regulus Therapeutics entered into an amendment with Sanofi concerning the receipt of potential milestones from Sanofi for its development of miR-21 programs. Under the terms of the amendment with Sanofi, Regulus Therapeutics was eligible to receive $4 million upon the completion of transfer and verification of certain materials valued at an additional $1 million sold to Sanofi.

In addition to this payment of $5 million received, the company is eligible to receive an additional $5 million upon achievement of the interim enrollment milestone and $25 million upon the achievement of the development milestone.

Regulus Therapeutics shares were up 10% to 57 cents in premarket trading.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

October 13, 2020 08:35 ET (12:35 GMT)

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