On November 25, 2019 Surface Oncology (NASDAQ:SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, reported it has secured a debt financing facility for up to $25 million from K2 HealthVentures, a healthcare-focused specialty finance company (Press release, Surface Oncology, NOV 25, 2019, View Source [SID1234551657]). Surface received a first tranche of $7.5 million upon closing. Two subsequent tranches totaling $17.5 million will become available to the Company upon the achievement of certain milestones.

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"Securing this debt facility bolsters our financial position and increases our financial flexibility as we advance our next wave of programs into clinical development," said Jeff Goater, chief executive officer of Surface Oncology.

Updated Financial Outlook:
Based upon its current operating plan, which includes the debt facility announced today and anticipated milestones under its Novartis collaboration, Surface now has a projected cash runway into 2022.