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Tekmira Secures $3 Million Financing from Silicon Valley Bank (SVB)

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"We are pleased that our financial performance and growth opportunities provide us with the ability to secure additional financial resources with attractive terms. This new credit facility provides additional financial strength and flexibility, providing us with a cash runway that extends into 2013. This further supports our ability to execute on our core business strategy of continuing to invest in our leading LNP technology," said Dr. Mark J. Murray, Tekmira's President and CEO.

"We are pleased to support Tekmira in its ongoing development of delivery technology in the RNAi field and its RNAi product pipeline. SVB works with thousands of companies across the innovation sector in North America — and worldwide — and we look forward to providing the financial services Tekmira needs to continue to grow," said Minh Le, Deal Team Leader of Silicon Valley Bank in the Pacific Northwest.

As of September 30, 2011, prior to this financing, Tekmira reported cash and cash equivalents of approximately $9.2 million. The US$3.0 million loan from SVB may be drawn down at the discretion of the Company at any time prior to September 30, 2012. The loan matures on June 30, 2015 and carries a fixed interest rate of 8% annually. If Tekmira chooses to draw down on the loan, principal and interest payments will be made monthly starting on October 1, 2012. Tekmira has provided SVB with 54,545 warrants at a price of $1.65 and will provide additional warrants equal to 2% of any draw down on the loan. Tekmira has not yet drawn down on the loan. The loan will be secured by the assets of the Company and does not include any financial covenants.