Verastem, Inc., focused on discovering and developing drugs to improve the survival and quality of life of cancer patients, announced its entry into an amendment to its Loan and Security Agreement with Hercules Capital, Inc., increasing its existing borrowing limit under the loan facility from $25 million to up to $50 million in financing. The increased loan facility proceeds will be available for Verastem’s ongoing development programs, including regulatory and commercialization activities for duvelisib, and for general corporate purposes.

Verastem has received the first $15 million of financing under the original Loan and Security Agreement. Additional tranches of up to $35 million in aggregate will be available to Verastem to drawdown subject to certain conditions, including the U.S. Food and Drug Administration’s (FDA) acceptance of Verastem’s New Drug Application (NDA) for duvelisib. The additional funds available under the facility will only accrue interest and principal repayments upon drawdown by Verastem.

“We are delighted to have the support and confidence of Hercules, a premier partner known for its strategic investments in promising healthcare companies and products,” said Julie Feder, Chief Financial Officer of Verastem. “The availability of this increased credit facility provides important flexibility in our long-term financing plan as Verastem transitions into a commercial-stage business. We believe duvelisib has the potential to offer an appealing new oral treatment alternative to patients with relapsed or refractory chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL) and relapsed or refractory follicular lymphoma (FL). We remain on track to submit an NDA to the FDA during the first quarter of 2018.”