NEW YORK (GenomeWeb) – NanoString Technologies has entered into an amended and restated loan and security agreement with Silicon Valley Bank, the company said in a filing with the US Securities and Exchange Commission on Tuesday.
The agreement amends and restates an existing loan and security agreement between NanoString and SVB dated Jan. 5, 2018, to increase the size of the revolving loan facility to $20 million and include eligible inventory in the company's borrowing base.
The agreement matures on Nov. 16, 2021, at which time the outstanding principal will become due and payable. Interest is payable monthly, and amounts drawn accrue interest at a yearly rate equal to the greater of the prime rate plus 0.5 percent, and 4.75 percent.
NanoString's obligations under the agreement are secured by its cash and cash equivalents, accounts receivable and proceeds thereof, and inventory and proceeds from the sale thereof.
As of the date of the SEC filing, NanoString had not incurred any borrowings under either the prior agreement or the amended agreement.
Last month NanoString said it had entered into a new $100 million term loan facility with the CR Group.