NEW YORK (GenomeWeb) – Human DNA identification firm IntegenX and Horizon Technology Finance said on Monday that IntegenX has secured a $10 million venture loan.
The loan will be used primarily for working capital. Horizon was the lead lender and committed $3.75 million. Square 1 Bank committed $2.5 million, and a third undisclosed lender committed $3.75 million.
In a statement IntegenX Chief Operating Officer David Smith said the loan provides the company greater financial flexibility and positions it to build off its momentum to increase sales of its RapidHit DNA analysis system, an automated platform that generates DNA profiles from reference samples.
Biometric solutions firm Morpho and IntegenX signed a deal earlier this year to market the RapidHit system to enforcement and government agencies in certain countries.