NanoString Technologies entered into an amended and restated loan and security agreement with Silicon Valley Bank, increasing the size of its revolving loan facility to $20 million.
According to a related 8-K filing, the amendment also included eligible inventory in the company’s borrowing base.
The revolver will mature on November 16, 2021, at which time the outstanding principal will become due and payable. Amounts drawn accrue interest at a yearly rate equal to the greater of the prime rate, as reported in the Wall Street Journal, plus 0.50% and 4.75%.
NanoString Technologies provides life science tools for translational research and molecular diagnostic products. The company’s nCounter Analysis System offers a cost-effective way to easily profile the expression of hundreds of genes, proteins, miRNAs, or copy number variations, simultaneously with high sensitivity and precision, facilitating a wide variety of basic research and translational medicine applications, including biomarker discovery and validation. The company’s technology is also being used in diagnostics.
