Skip to main content
Premium Trial:

Request an Annual Quote

Exact Sciences Inks $25.6M and $15M Loan Agreements

NEW YORK (GenomeWeb) – Exact Sciences said in a document filed with the US Securities and Exchange Commission today that it has inked revolving and non-revolving loan agreements with MB Financial Bank.

The revolving loan agreement provides Exact Sciences with a 24-month secured revolving credit facility of up to $15.0 million with a Dec. 10, 2019 maturity date.

Amounts borrowed under the revolving loan agreement accrue interest at one of three yearly rates elected by Exact Sciences. They are the sum of the one-month Libor rate plus 2 percent; the sum of the three-month Libor rate plus 2 percent; and the MB Bank Reference Rate minus .5 percent.

The firm noted that it anticipates using the loan to fund facility renovation, development and construction projects, and other general working-capital activities.

The non-revolving construction loan agreement inked by Exact Sciences subsidiary GC Growth with MB Bank provides up to $25.6 million with a maturity date of Dec. 10, 2022. The agreement bears interest at a rate equal to the sum of the one-month Libor rate plus 2.25 percent.

Exact said in the SEC document that it expects to use that loan to finance the construction of a clinical laboratory and related facilities, and to conduct additional development of a 46-acre campus in Madison, Wisconsin. As a condition of the agreement, Exact is required to invest at least $16.4 million of its cash in the construction project. 

The Scan

Genes Linked to White-Tailed Jackrabbits' Winter Coat Color Change

Climate change, the researchers noted in Science, may lead to camouflage mismatch and increase predation of white-tailed jackrabbits.

Adenine Base Editor Targets SCID Mutation in New Study

Researchers from the University of California, Los Angeles, report in Cell that adenine base editing was able to produce functional T lymphocytes in a model of severe combined immune deficiency.

Researchers Find Gene Affecting Alkaline Sensitivity in Plants

Researchers from the Chinese Academy of Science have found a locus affecting alkaline-salinity sensitivity, which could aid in efforts to improve crop productivity, as they report in Science.

International Team Proposes Checklist for Returning Genomic Research Results

Researchers in the European Journal of Human Genetics present a checklist to guide the return of genomic research results to study participants.