NEW YORK (GenomeWeb) – Roka Bioscience has amended a loan and security agreement with Comerica Bank to increase the amount it is borrowing to $10 million from $5 million, the company said in a document filed with the US Securities and Exchange Commission.
The firm said it used the proceeds from the financing to repay a $5 million loan to TriplePoint Capital dating from November 2013. The loan agreement between the two companies has been terminated.
In connection to the amended agreement with Comerica, Roka has issued the bank an additional 10-year warrant to purchase up to 52,265 shares of Roka's common stock at an exercise price of $2.87 per share. Roka also has amended the warrant under the original agreement with Comerica dating to November 2013 to purchase 10,656 shares of Roka's common stock. Under the amendment, Roka reduced the exercise price on the warrant to $2.87 per share from $14.08 per share.
In early Tuesday afternoon trade on the Nasdaq, shares of Roka were down 1 percent at $2.67.