Oxford Finance Provides Biocept Facility
Biocept, a molecular oncology diagnostics company specializing in Circulating Tumor Cells and biomarker analysis, said it entered into a loan and security agreement with Oxford Finance as collateral agent. According to the company’s 8K filing, the lenders agreed to make term loans available to Biocept for working capital and general business purposes, in a principal amount of up to $10 million.
The first term loan was funded on the closing date of the credit facility in an aggregate principal amount of $5 million. A second term loan of up to a principal amount of $5 million will be funded at the company’s request prior to December 31, 2015, subject to the company’s achieving product and services revenues of at least $9 million for the trailing six months, with such six-month period ending no later than November 30, 2015.