Techniclone Corp. said Thursday that it has received commitments for interim funding that will enable the Tustin company to continue its scaled-back operations.
Techniclone, which develops cancer treatments, said Swartz Institutional Finance LLC and Biotechnology Development Ltd. agreed to provide interim funding of $300,000, with an option for an additional $200,000 within 60 days.
The infusion also will enable Techniclone to proceed with clinical trials on some treatments.
Swartz Institutional Finance President Eric Swartz and Biotechnology Development general partner Edward J. Legere serve on the Techniclone board. Legere was elected to the board Wednesday. He previously served as a director until 1998.
Techniclone also said it resolved the default of its March 8 agreement regarding a $3.3-million loan from Biotechnology Development.
Earlier in December, Techniclone had announced it defaulted on the Biotechnology loan and halted its mid- to late-level trials of Oncolym, a therapy for the treatment of advanced non-Hodgkin’s B-cell lymphoma.
Techniclone said it continues to look for financing, licensing and other opportunities.
Shares of Techniclone closed Thursday at 63 cents, up 22 cents, in trading on the Nasdaq Small-Cap market.