NEW YORK (GenomeWeb) – HTG Molecular Diagnostics today announced the closing of a growth capital term loan facility for up to $16 million with Silicon Valley Bank and Oxford Finance.
HTG said it drew $11 million of the funding at the initial closing.
In February, the Tucson, Ariz.-based firm closed a Series E preferred stock offering for an undisclosed amount. In a statement today, HTG CEO TJ Johnson said, "Together with the capital raised through recent equity offerings, the debt facility with SVB/Oxford provides HTG the funding needed to pursue several operating initiatives, including key research and development programs and strategic sales and marketing expansion."
The RNA-based testing firm launched its first next-generation sequencing-based assay in June, which targets and sequences 2,275 microRNAs using proprietary nuclease protection probe technology. Johnson told In Sequence at the time that the panel is the first of several NGS-based assays in HTG's pipeline and that the company eventually will move into DNA-based assays.