$3 million, 60-month loan to support the purchase of capital equipment at a new 75,000 square foot facility in Elkton, Maryland to manufacture Clene’s lead drug candidate, CNM-Au8®, for the treatment of ALS
SALT LAKE CITY, May 19, 2022 (GLOBE NEWSWIRE) — Clene Inc. (CLNN) together with its subsidiaries “Clene” and its wholly owned subsidiary Clene Nanomedicine, Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the… Treatment of Neurodegenerative Diseases, announced today that the Maryland Board of Public Works has closed a $3 million loan facility with Clene Nanomedicine. The loan was provided by the state’s Neighborhood BusinessWorks program within the Maryland Department of Housing and Community Development.
This non-dilutive capital equipment purchase loan will support the expansion of Clene’s Cecil County, Maryland operations into a new commercial manufacturing facility for the production of its lead drug candidate, CNM-Au8®, a gold nanocrystal suspension. The purchased capital goods secure the loan. This extension is consistent with Clene’s anticipation of the potential commercialization of CNM-Au8 as a treatment for amyotrophic lateral sclerosis (ALS). Clene expects top-line data from a pivotal Phase 2/3 study, the HEALEY ALS Platform study, evaluating CNM-Au8 in ALS patients in Q3 2022.
“These funds allow Clene to accelerate the build-out of our infrastructure without the need for dilutive capital as we work toward commercial-scale manufacturing of CNM-Au8,” said Mark Mortenson, Founder and Chief Scientific Officer of Clene Nanomedicine. “We appreciate the continued financial support from the State of Maryland, the City of Elkton and Cecil County. This loan is another great example of public-private partnerships supporting continued investment in activities that create high-quality pharmaceutical manufacturing jobs, specifically the manufacture of nanotherapeutics at Clene, which have the potential to transform the lives of people living with neurodegenerative diseases to enhance.”
When fully developed and operational, Clene’s 75,000 square foot facility is expected to create hundreds of new jobs in Cecil County in a federally qualified opportunity zone in Elkton, Maryland.
About CNM-Au8®, a gold nanocrystal suspension
CNM-Au8 is an oral suspension of gold nanocrystals designed to restore neuron health and function by increasing energy production and utilization. The catalytically active nanocrystals of CNM-Au8 drive critical cellular energy-producing reactions that enable neuroprotection and remyelination by increasing neuronal and glial resilience to disease-related stressors. CNM-Au8® is a federally registered trademark of Clene Nanomedicine, Inc.
Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative diseases by targeting energetic failure, an underlying cause of many neurological diseases. The company is based in Salt Lake City, Utah with R&D and manufacturing facilities in Maryland. For more information, please visit https://clene.com or follow us on Twitter, LinkedIn and Facebook.
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Managing Director Westwicke
Erica Fiorini, Ph.D., or David Schull
Russo Partners, LLC