NEW YORK (GenomeWeb) – French diagnostics firm Novacyt today announced it has secured flexible bond financing for up to €5 million ($5.5 million) over three years as part of a private placement.
The financing was underwritten by YA Global Master. Novacyt said that it has drawn the first €250,000 tranche and will draw on the remaining €4.75 million at its discretion and control.
The bond financing provides Novacyt with "a flexible financing tool that will help to improve the Company's ability to respond to the strong sales growth we are currently experiencing," Novacyt Finance Director Anthony Dyer said in a statement. "Our intention is to use this flexible facility to support growth which can be difficult to plan in the early stages of an internal expansion strategy."
Novacyt's main technology is the NovaPrep liquid-based cytology platform.
Last month, Novacyt closed €2 million in private equity financing led by Alto Invest and Nyenburgh. The firm also recently secured €3.5 million in new bond financing with Kreos Capital.