Hana gains $30M credit line to back discovery work

Deerfield Management has agreed to provide up to $30 million to finance Hana Bioscience's drug discovery program. Hana has two cancer therapies in the clinic and an oncology supportive care product in late-stage preclinical development. In the deal, Hana will pay interest on the funding. This type of loan has been increasingly popular in biotech circles, where developers are often looking for money that won't dilute their stake in the company.

"This financing commitment provides us the resources to advance our pipeline of product candidates through the next stages of development and potential value formation," said Steven R. Deitcher, M.D., President and CEO of Hana Biosciences. "We are focused on product development and dedicated to the steady growth of the company over the next several years."

- check out the release on the credit line