NEW YORK (GenomeWeb) – Veracyte said on Thursday it has amended a loan agreement with Silicon Valley Bank originally forged in June 2013.
Under the terms of the amendment, Veracyte can borrow up to $15 million in three tranches, each tranche not exceeding $5 million. The company borrowed $5 million from the first tranche this week to repay in full the initial $5 million loan drawn in June 2013, the San Francisco-based developer of gene expression-based diagnostic tests said in a document filed with the US Securities and Exchange Commission.
It can draw on a second tranche of up to $5 million on or before Dec. 31, 2015 and borrow up to another $5 million on or before June 30, 2016.
The firm said that the term loans bear interest at a fixed rate equal to 1.75 percent above the prime rate as published in The Wall Street Journal on the date of incurrence, resulting in the initial $5.0 million term loan bearing interest at a fixed rate of 5 percent.