Summary by Moomoo AI
On September 30, 2024, Clene Inc., along with its wholly owned subsidiary Clene Nanomedicine, Inc., entered into a Third Amendment to their existing Loan and Security Agreement with Avenue Venture Opportunities Fund, L.P. This amendment modifies the terms of the original loan agreement dated May 21, 2021. The amendment reduces the principal payment due on October 1, 2024, from $3.33 million to $2 million and potentially introduces an interest-only payment period from November 1, 2024, to December 31, 2024, contingent upon the company meeting certain equity funding milestones. Additionally, the amendment outlines repayment terms based on whether Clene Inc. achieves a milestone related to the submission of a New Drug Application for CNM-Au8 for the treatment of ALS to the FDA. Concurrently, the exercise price of warrants issued to Avenue was adjusted from $16.00 to $4.6014 per share. These changes are detailed in the company's filings with the SEC, including the Current Report on Form 8-K and the exhibits attached thereto.
