Exagen amended its loan and security agreement with its primary lender, an affiliate of Innovatus Capital Partners, to provide a $26.2 million, five-year term loan at 8.5% interest, of which 2.0% is paid in-kind in the form of additional term loans.
“This refinancing is a continuation of Innovatus Capital Partners’ investment in Exagen’s future. This agreement, following our recent IPO, further strengthens our financial position and will assist us in executing on our strategic vision to ‘Own the Rheumatology Hilltop,’” said Ron Rocca, president and CEO of Exagen.
“We are delighted to continue our support of Exagen in its pursuit of transforming the care for patients suffering from chronic autoimmune diseases,” said Claes Ekstrom, managing director at Innovatus. “We look forward to supporting the outstanding team at Exagen in their mission to improve patient outcomes and lower healthcare costs.”
Exagen is dedicated to transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis and optimizing therapeutic intervention.
Innovatus Capital Partners is an independent adviser and portfolio management firm with approximately $1.7B in assets under management.