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loan agreement

The company had announced on March 3 that the lenders had committed to the debt financing in connection with its proposed acquisition of Qiagen.

The genome mapping firm had fallen out of compliance with respect to its loan agreement with Innovatus and will prepay $5 million toward the loan principal.

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.

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New analyses indicate female researchers are publishing less during the coronavirus pandemic than male researchers, according to Nature News.

A study suggests people with the ApoE e4 genotype may be more likely to have severe COVID-19 than those with other genotypes, the Guardian says.

Direct-to-consumer genetic testing companies are searching for a genetic reason for why some people, but not others, become gravely ill with COVID-19, the Detroit Free Press reports.

In PNAS this week: forward genetics-base analysis of retinal development, interactions of T cell receptors with neoantigens in colorectal cancer, and more.