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The funding will be used in part to settle a convertible bond facility Novacyt entered into earlier this year, as well as for working capital.

Cancer Genetics announced its planned merger with NovellusDx in September 2018, but scuttled the deal with the Israeli company a few months later.

The company has used a portion of the new facility to pay back existing debt to the bank, as well as a final payment designated in the parties' earlier loan agreement.

Bionano also disclosed that it is expecting to report a nearly 18 percent jump in revenues for the third quarter.

The credit facility, available through Sept. 17, 2024, replaces a prior credit facility dated Aug. 11, 2016 for $1 billion.

The firm replaced an existing $4 billion credit facility with a $5 billion one, and entered into a new $5 billion revolving credit facility. 

The agreement consists of a $100 million revolving credit facility, a $100 million initial term loan, and a $50 million delayed-draw term loan.

The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.

The company also entered into two separate financing agreements totaling $41.5 million with Innovatus Life Sciences Lending Fund, East West Bank, and Aspire Capital.

The firm used about $38.8 million on Feb. 1 to repay all outstanding principal, interest, related fees, and other obligations under an existing loan agreement.

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