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Neuralstem obtains debt financing

Neuralstem Inc., of Rockville, which is developing products to treat central nervous system disorders with patented stem cell technology, said it secured $8 million in debt financing with Hercules Technology Growth Capital to fund its capital budget through late 2014.

The funding of $8 million, which closed on March 22, 2013, is in the form of a secured note, which is repayable in installments over 42 months following an interest-only period of nine months, and up to 12 months upon funding of a second debt financing of $2 million.

In addition, Neuralstem issued Hercules 648,798 warrants to purchase shares of Neuralstem common stock at an exercise price of $1.08 per share.