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Nanosphere Amends $30M Term Loan Facility

NEW YORK (GenomeWeb) – Nanosphere today announced it has amended its $30 million term loan facility with NSPH Funding and SWK Funding.

Under the amended terms of the loan facility, Nanosphere will not have to raise an additional $2 million as required by the original terms.

Under those original terms, the firm was required to raise a total of $10 million within eight months of May 14, 2015 — at least $4 million from equity financings prior to entering the loan facility, and at least $6 million in equity financings, licensing, or strategic partnership transactions.

The firm raised $8 million in net proceeds from preferred stock offerings in May and June.

Nanosphere immediately drew $20 million upon entering the facility in May.