quick fyi... ...just asked a credible source (in the business of corp financing) about the 15% rate. Comment back was a "reasonable rate" for this higher risk market segment.
A question to ask Brian Ford, if any posters have a rapport with him (or, Mr. McRae) is... why not a "revolver" (line of credit) versus the term loan received? Otherwise, apparently a good package (for this company/ biotech sector).
Going forward Mr. McRae must be vigilant in getting the "burn rate" to zero per his target (in writing). rg
P.S. If other posters "are" or have access to knowledgable sources on this type of financing certainly appreciate hearing additional feedback.