Mast Therapeutics Inc (NYSEMKT:MSTX), a clinical-stage biopharmaceutical company leveraging its molecular adhesion and sealant technology (MAST) platform to develop novel therapies for sickle cell disease, heart failure, and stroke, today announced that it signed an amendment to the Company’s existing Loan and Security Agreement with Hercules Technology Growth Capital, Inc. (NYSE: HTGC).  The agreement provides for a $15 million debt facility, $5 million of which was funded to the Company on August 11, 2015.  Prior to the amendment, the Company was only able to access the second advance of $10 million if it achieved certain clinical development and financial milestones by December 31, 2015, which included receipt of $15 million in net cash proceeds from a strategic partnership and/or equity financing.  The amendment removed those funding conditions and the Company drew the second advance on September 28, 2015.  Under the amended agreement, the net cash proceeds condition is deferred until April 30, 2016, a date which is expected to follow top-line data from EPIC, and this requirement would be eliminated entirely upon achievement of positive data from EPIC.  If the clinical and updated financial conditions are not met, the second advance of $10 million would be repaid on April 30, 2016, without any prepayment penalty.

Brandi Roberts, the Company’s Chief Financial Officer, said: “We are pleased to have the ongoing support of Hercules, a highly recognized leader in growth financing.  We believe that the accelerated funding underscores Hercules’ confidence in Mast and our development programs.  The funds received under the loan agreement provide us with additional financial resources and flexibility as we near the completion of enrollment in EPIC and prepare to submit a New Drug Application to the Food and Drug Administration.” (Original Source)

Shares of Mast Therapeutics closed yesterday at $0.47. MSTX has a 1-year high of $0.63 and a 1-year low of $0.38. The stock’s 50-day moving average is $0.45 and its 200-day moving average is $0.48.

On the ratings front, Mast Therapeutics has been the subject of a number of recent research reports. In a report issued on September 18, Roth Capital analyst Michael Higgins reiterated a Buy rating on MSTX, with a price target of $3, which implies an upside of 535.6% from current levels. Separately, on August 17, Cowen’s Ritu Baral maintained a Buy rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Higgins and Ritu Baral have a total average return of 1.7% and 16.2% respectively. Higgins has a success rate of 47.8% and is ranked #1774 out of 3754 analysts, while Baral has a success rate of 44.9% and is ranked #101.

Mast Therapeutics Inc is a biopharmaceutical company. The Company is engaged in developing novel therapies for serious or life-threatening diseases with unmet needs. Its pipeline includes MST-188 development programs in adjunctive thrombolytic therapy.