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Beyond Air Terminates Loan and Security Agreements with Avenue Capital and Enters $11.5 Million Loan Agreement

Sep 27, 2024•over 1 year ago

Contract Type

agreement

Garden CityBiotechnologyHealthcareHealth Care

Description

Beyond Air, Inc. has terminated the loan and security agreements with Avenue Capital, retiring $17.5 million in debt and entering into an $11.5 million loan agreement with an insider-led investor group. This move eliminates $12 million in scheduled debt payments through June 2026 and defers payment of principal and interest on the $11.5 million loan agreement till June 2026. Additionally, there has been a 60% increase in the number of hospital contracts since July 1, 2024, including a new partnership with the U.S

Company Information

Company

Beyond Air

Location

Garden City, New York, United States

About

Beyond Air is a commercial-stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received FDA approval and CE Mark for its first system, LungFit PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. Beyond Air is currently advancing its other revolutionary LungFit systems in clinical trials for the treatment of severe lung infections such as viral community-acquired pneumonia (including COVID-19) and nontuberculous mycobacteria (NTM).

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