On October 13, 2020 Regulus Therapeutics Inc. (Nasdaq: RGLS) (the "Company" or "Regulus"), a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs, reported receipt of a total of $5 million in milestone and material payments from Sanofi (Press release, Regulus, OCT 13, 2020, View Source [SID1234568404]). As outlined in the recent amendment to the Company’s term loan agreement with Oxford, LLC, the Company utilized the proceeds to pay down $5 million in principal outstanding, reducing the remaining principal due under the term loan to approximately $9.6 million.
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In August 2020, the Company entered into an amendment with Sanofi concerning the receipt of potential milestones from Sanofi for its development of miR-21 programs. Under the terms of the amendment with Sanofi, the Company was eligible to receive $4 million upon the completion of transfer and verification of certain materials valued at an additional $1 million sold to Sanofi. In addition to this payment of $5 million received, the Company is eligible to receive an additional $5 million upon achievement of the interim enrollment milestone and $25 million upon the achievement of the development milestone.
Concurrently with this recent Sanofi amendment, the Company announced an amendment of its term loan agreement with Oxford, under which the Company is eligible for up to an additional seven months of interest only payments in the event the Company pays down an additional $5 million in loan principal before April 30, 2021. In the event the Company receives the additional interest only period, principal and accrued interest payments will commence on January 1, 2022.