BioAtla (BCAB) said Friday it entered prepaid advance and standby equity purchase agreements that provide access to up to $22.5 million in financing.

The prepaid advance totals $7.5 million of face value with roughly $7.1 million gross proceeds, the company said.

The advance carries 4% interest and can be repaid in cash or converted into shares at the lower of $1.39 or 95% of the lowest recent volume weighted average trading price, it said.

The advance carries 4% interest and can be repaid in cash or converted into shares at the lower of $1.39 or 95% of the lowest recent volume weighted average trading price, it said.

The financing is intended to support operations, the company added.

Shares of the company were up by over 3.4% in recent Friday premarket activity.