NEW YORK (GenomeWeb News) – Complete Genomics has entered into an agreement with Oxford Finance for a $20 million loan, the Mountain View, Calif.-based firm disclosed in its quarterly earnings report filed yesterday with the US Securities and Exchange Commission.
Complete Genomics entered into the loan and security agreement on March 25, it said in the document, adding that a portion of the loan was used to repay the remaining balance of $7.4 million on an existing loan from Comerica. After repayment, the Comerica loan agreement was terminated, it said.
The company said that the remaining funds from the Oxford loan will be used to fund Complete Genomics' working capital requirements.
In connection with the agreement, the genomic testing firm issued warrants to Oxford to purchase an aggregate of 160,128 share of its common stock at an exercise price of $7.495 per share. The warrants will expire on the seventh anniversary of the issuance date.
Complete Genomics reported earlier this week that it posted first-quarter revenues of $6.8 million and had filed for a proposed offering to sell 4.5 million shares of its common stock.