05:53 PM EST, 11/14/2024 (MT Newswires) -- Alector ( ALEC ) got a credit facility for up to $50 million from Hercules Capital ( HTGC ) .

An initial $10 million was drawn at closing, Alector ( ALEC ) said Thursday in a statement. An additional $15 million is available at the company's request through June 30, 2026, with $25 million available with the lender's approval.

"We anticipate transformational data from both the AL002 INVOKE-2 phase 2 trial and the latozinemab INFRONT-3 pivotal phase 3 trial within our runway," Alector ( ALEC ) Chief Financial Officer Marc Grasso said in the statement. "This credit facility provides additional funding to advance our preclinical pipeline."

The credit facility carries a "low double-digit" cost of capital, Alector ( ALEC ) said.

Alector Shares rose 0.4% in after-hours trading, and Hercules Capital ( HTGC ) gained 0.9%.

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