Trending Stocks: Resolute Energy Corp (REN), Rock Creek Pharmaceuticals Inc (RCPI) And Mast Therapeutics Inc (MSTX)
New York, NY – GDP INSIDER – 01/02/2014.
Resolute Energy Corp (NYSE:REN) this week announced a financing agreement with Highbridge Principal Strategies. Under the agreement, Resolute Energy signed a second lien secured term loan of $150 million with Highbridge.
The maturity of the loan is not later than November 2019. Resolute Energy Corp (NYSE:REN) will be able to issue additional second lien debt of up to $200 million within 60 days following the initial closing. The company expects net proceeds of about $134 million from the loan. It expects to use the funds to settle some of its current outstanding borrowing.
The Resolute Energy Corp (NYSE:REN)’s financing deal with Highbridge comes at an important time when oil companies are facing imminent financial shortage because of the unfavorable oil market conditions. REN closed the most recent quarter with just about $0.71 million in cash and equivalents. The column declined from $1.24 million in the previous quarter.
Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) sought the approval of the U.K. regulators to launch a clinical trial of one of its chronic inflammatory formulations there. The company filed for clinical trial authorization for Anatabine Citrate.
In the U.K., Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) intends to initiate Phase 1 trial to test the safety, dose escalation and tolerability of Anatabine Citrate. It will partner with contract research firm, Quotient Clinical, for the U.K. trial of Anatabine Citrate.
Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI)’s cash positioned declined in the most recent quarter report. It disclosed cash and equivalents of $2.67 million as of September 30, 2014, down from $3.75 million in the previous quarter.
Mast Therapeutics Inc (NYSEMKT:MSTX) has a big bet on its lead drug candidate known as MST-188. The company expects to complete patient recruitment for EPIC trial of the drug in 2015, and also expects top line results from the Phase 3 study in early 2016. The drug is designed to help with sickle cell disease.
Additionally, Mast Therapeutics Inc (NYSEMKT:MSTX) expects to attain certain business and clinical milestones with the EPIC trial of MST-188 this year. The company promised will update on the trial of MST-188 on January 6.
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