Island Pharmaceuticals secures Radium Capital loan for ISLA-101 development

Island Pharmaceuticals Ltd (ASX: ILA) has entered into a loan agreement with Radium Capital to access funding for its ISLA-101 lead asset in dengue fever development. The initial advance of AU$386,300, expected by the end of 2023, is based on up to 80% of accrued R&D Tax Incentive (RDTI) rebate, verified by an approved accounting firm.

The facility carries 16% per annum interest, with repayment tied to Island's anticipated FY24 RDTI refund in November 2024. The non-dilutive funding supports working capital needs as the company progresses ISLA-101, undergoing a Single Ascending Dose study with Phase 2a study expected post data release in early 2024. Island's CEO, Dr David Foster, values the attractive nature of this R&D rebate-secured debt facility provided by Radium Capital.

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