SVB, Oxford Finance Close Singulex Debt & Equity Financing
Singulex, a provider of Single Molecule Counting (SMC) technology, announced it secured a debt facility for up to $40 million from Oxford Finance and Silicon Valley Bank. In June 2013, the company also raised $15 million in equity financing. The company will use the funding to advance the development and commercialization of a global in vitro diagnostics business based on Singulex’s SMC technology.
“Our proprietary Single Molecule Counting technology has enabled us to build two successful businesses: Life Science Research Tools and Cardiovascular Testing Services, both of which utilize our Erenna first-generation instrument,” said Guido Baechler, president and chief executive officer of Singulex. “With the proceeds from our financing in June and this debt facility, we are now in a solid position to fund the development and regulatory approval of a fully-automated diagnostic instrument and assays for the global market. Expansion into the in vitro diagnostics market is a key milestone in our long-term growth strategy.”
Singulex provides its Single Molecule Counting technology for scientific discovery and clinical testing services.