Invitae reached an agreement with Oxford Finance to expand its existing loan and security agreement by $20 million, bringing the total remaining capital available under the agreement to $40 million.
This increase in net borrowing ability provides additional financial flexibility in 2018 as Invitae seeks to grow the size and scope of its genome network.
Invitae received gross proceeds of $40 million from the first tranche of the credit facility upon closing in March 2017 and currently has $20 million in capital available at its discretion. The amendment to the agreement provides an additional $20 million that may be funded at Invitae’s option during Q2/18. The loan matures in March 2022.
The company’s obligations under the loan and security agreement are subject to quarterly covenants to achieve certain volume and revenue levels as well as additional covenants, with the remaining terms of the amendment substantially similar to the original agreement.
