Clinical-stage pharmaceutical firm miRagen Therapeutics Inc. (Nasdaq: MGEN) became the latest in a line of publicly-traded companies in the Boulder region that reported receiving funds from the U.S. Paycheck Protection Program in recent weeks.
The Boulder-based maker of genetic therapies received $1.725 million in PPP-backed funds through SIlicon Valley Bank, according to a disclosure to the U.S. Securities and Exchange Commission Monday.
Miragen lost $41.8 million in 2019, according to its latest annual report. However, it has a market capitalization of $37.2 million as of Tuesday, and it is in the middle of a $175 million mixed-shelf fundraiser after a mild stock bump from positive clinical trial results.
On April 20, a subsidiary of Niwot-based Global Healthcare REIT Inc. landed $574,975 from existing lender Colony Bank. While the real estate investment trust isn’t publicly traded, its latest annual report filed to securities regulators shows it had $40.26 million in total assets at the end of 2019, including $36.78 million in property and $447,945 in cash and liquid equivalents.
Two days later, marijuana growhouse engineering firm Surna Inc. (OTCMKTS: SRNA) secured $554,000 through its current lender.
Boulder medical device maker Encision Inc. (OTCMKTS: ECIA) got just under $600,000 last Thursday, while Longmont-based S&W Seed Co. (Nasdaq: SANW), a producer of sunflower and wheat hybrids, landed $2 million in funds two weeks ago.
All of these companies reported receiving the funds before the second round of $310 billion was added to the PPP accounts on Monday.
PPP lending to major companies became a national point of frustration last week, as businesses as large as Shake Shack Inc. (NYSE: SHAK) and Autonation Inc. (NYSE: AN) received tens of millions after applying. Both those companies returned the loans after the Treasury Department put out guidance specifically suggesting public companies with access to investment capital are unlikely to qualify for a PPP loan. It gave public companies until May 7 to pay back at no penalty.
DMC Global Inc. (Nasdaq: BOOM), an oilfield services provider in Broomfield, initially received a $6.7 million PPP loan, but returned it days later.
It’s unclear if any of the other companies intend to return the funds in light of the Treasury Department’s guidance seemingly preventing public firms from going for PPP-backed loans. Representatives for miRagen, Surna, Global Healthcare REIT and S&W did not return requests for comment Tuesday.
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