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Labcyte Closes $17M Credit Facility

NEW YORK (GenomeWeb) — Oxford Finance and Silicon Valley Bank today announced the closing of a $17 million credit facility with Sunnyvale, California-based Labcyte.  

The facility includes a $10 million senior secured term loan and a $7 million line of credit.

Labcyte said the proceeds of the loan would be used to support R&D and commercialization of its pipette-less Echo liquid handling systems.

"This new financing will enhance Labcyte's ability to continue to grow and expand our product portfolio by providing greater financial flexibility," Labcyte President and CEO Mark Fischer-Colbrie said in a statement.

In 2013, Labcyte raised $5.3 million in a Series D round of financing.