Oxford Immunotec Global entered into an agreement with MidCap Financial that provides the company with $40 million in debt financing, comprised of both a term loan and a revolving line of credit.

“We are very pleased to announce this debt financing with MidCap, a leading financing partner in the healthcare space,” said Dr. Peter Wrighton-Smith, CEO of Oxford Immunotec. “This financing provides us the capital necessary to continue to build the company to profitability and beyond.”

The agreement provides the company with a term loan of $30 million which matures five years from closing. The term loan accrues interest at a rate of LIBOR + 7.60% with interest-only payments for the first 24 months, with the ability to extend to 48 months subject to certain conditions, before the loan begins to amortize.

The agreement also provides the company with a revolving line of credit of up to $10 million upon closing. The revolving line of credit matures five years from closing and accrues interest at LIBOR + 4.45%. Based on certain conditions, both the term loan and revolver may be each increased by an additional $10 million to support the company’s future growth.

Oxford Immunotec Global is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of under-served immune-regulated conditions.