NEW YORK (GenomeWeb) – Trovagene has secured a $15 million unrestricted debt facility from Silicon Valley Bank and Oxford Finance, the company said on Tuesday.
The San Diego-based firm will use the capital to support development and commercialization of its urine-based cell-free oncogene mutation cancer monitoring technology.
Trovagene said it expects to report holding roughly $35 million in cash and cash equivalents for the second fiscal quarter, which ended on June 30. It reported $22.9 million in cash holdings at the end of the first quarter.
"We continue to advance our proprietary cancer monitoring platform and the application of our technology in clinical settings," Trovagene CFO Stephen Zaniboni said in a statement. "Recent progress includes clinical study results presented at ASCO 2014 and a reference in clinical consensus guidelines for the treatment of certain histiocytic disorders associated with BRAF V600E mutations."
Earlier this week, Trovagene said it partnered with Northwestern University's Robert H. Lurie Comprehensive Care Center and Northwestern Medicine Developmental Therapeutics Institute to assess the clinical utility of its oncogene-based disease management technology for monitoring patients during treatment and to measure outcomes.