Cogent Secures Up To $400 Mln Debt Facility From SLR Capital For Growth Strategy

(RTTNews) - On Wednesday, Cogent Biosciences, Inc. (COGT), a biotechnology company, announced it has secured a debt financing facility of up to $400 million from credit funds managed by SLR Capital Partners, LLC.

An initial $50 million was drawn at closing, with additional funds to be accessed on key clinical and commercial milestones.

Another $100 million may be accessed in 2025, contingent on positive top-line results from its SUMMIT and PEAK bezuclastinib trials.

Further, $50 million is linked to early commercial success after bezuclastinib launch, while the remaining $200 million requires mutual agreement between Cogent and SLR.

The biotechnology company said it is on track to announce top-line results from its SUMMIT trial for NonAdvSM patients in July.

Looking ahead to the second half of 2025, the company expects data from the APEX trial in AdvSM, followed by results from the Phase 3 PEAK trial evaluating bezuclastinib plus sunitinib in imatinib-resistant GIST before year-end.

In the pre-market trading, Cogent Biosciences 0.94% higher at $7.49 on the Nasdaq.