Oxford, Silicon Valley Bank Provide $15 Million to NanoString
Oxford Finance announced a $15 million round of debt financing for NanoString Technologies. The financing package, which was awarded to NanoString from both Oxford and Silicon Valley Bank, included a $13 million senior secured term loan and a $2 million revolving line of credit. Proceeds of the term loan will fund the company’s growth, and the revolver will be used for working capital.
NanoString Technologies is a privately held provider of life sciences tools for translational research and developer of molecular diagnostics.
“NanoString has a novel and cost-saving technology that will greatly benefit a variety of discovery and translational research applications,” said Christopher A. Herr, managing director for Oxford Finance. “Oxford is very pleased to provide capital to support NanoString’s ongoing growth and product distribution, as well as the expected launch of its first in vitro diagnostic product, a breast cancer assay based on the PAM50 gene expression signature.”
“While NanoString continues its pursuit of new trials and regulatory approvals, this financing is intended to give the company the additional financial runway it needs to meet its milestones,” said Brian Boatman, senior relationship manager for Silicon Valley Bank. “We are committed to bringing our experience with successful life sciences companies to the table and are pleased to help NanoString grow the diagnostics side of its business.”
“This facility further strengthens NanoString’s balance sheet, allowing us to continue growing our core life sciences business while aggressively pursuing the diagnostics opportunity,” said Wayne Burns, NanoString’s chief financial officer. “Oxford and SVB have been efficient and constructive capital partners, and we look forward to working together.”
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. Silicon Valley Bank is a bank for technology, life sciences, cleantech, venture capital, private equity and premium wine businesses.