NEW YORK (GenomeWeb News) – NanoString Technologies has received $15 million in debt financing from Oxford Finance and Silicon Valley Bank.
The financing includes a $13 million senior secured term loan and a $2 million revolving line of credit and will be used to fund NanoString's growth and for working capital.
Based in Seattle, NanoString is developing a breast cancer assay based on expression of the PAM50 gene signature. It also makes the nCounter Analysis System, a fully automated digital gene expression tool that can multiplex hundreds of genes per sample and detect and count single molecules.
"This facility further strengthens NanoString's balance sheet, allowing us to continue growing our core life sciences business while aggressively pursuing the diagnostics opportunity," Wayne Burns, CFO of NanoString, said in a statement.
NanoString raised $20 million in a Series D round in November.