05:18 PM EDT, 08/27/2024 (MT Newswires) -- Arcus Biosciences ( RCUS ) said late Tuesday it secured a term loan facility of up to $250 million from Hercules Capital ( HTGC ) .

The loan matures in five years and can be extended to six years upon the initiation of phase 3 trials for casdatifan and quemliclustat, the company said.

Arcus said $50 million was drawn at closing, while an additional $100 million is committed and fully available at its option in minimum increments of $25 million.

A second tranche of $100 million will be available to support the company's initiatives, subject to future approval by Hercules, Arcus said.

Arcus shares closed won 2.5% in regular trading, and Hercules Capital ( HTGC ) rose 0.9% in after-hours trading.