NEW YORK (GenomeWeb News) – Sequenom said today that it and its Sequenom Center for Molecular Medicine have signed a $30 million credit facility with Silicon Valley Bank.
Sequenom plans to use funds from the facility to support the development and commercialization of new products and other near-term growth initiatives, it said.
The credit facility consists of a term loan of up to $20 million and a $10 million revolving line of credit. Sequenom said that it intends to use the line of credit to purchase capital equipment and expand laboratory capacity. It also will use the money to fund working capital requirements, accounts receivable, and inventory as Sequenom CMM prepares to commercialize and launch new laboratory-developed tests.
The San Diego-based molecular diagnostics firm hopes to launch its SensiGene Trisomy 21 laboratory-developed test either late this year or early next year.
"The addition of this new credit facility enables us to extend the runway provided by financings put in place over the last year and to maintain a consistent level of liquidity as we move into an active growth phase for the company, Sequenom CFO Paul Maier said in a statement.