Midatech Pharma plc, of Oxford, U.K., entered a senior secured £6 million (US$7.5 million) loan agreement with Silicon Valley Bank. Under terms of the loan, Midatech will receive an initial tranche of £2 million, which is available on signing and is expected to be received by the company within the next 10 working days. Two further conditional tranches of £2 million each will become available on achievement of certain clinical development milestones. The loans received under the facility will be repayable by June 2020.