Skip to main content
Premium Trial:

Request an Annual Quote

HTG Molecular Secures Debt Facility Worth Up to $30M

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics said today that it has entered into a senior debt facility with MidCap Financial worth up to $30 million.

The debt facility consists of an initial $7 million term loan, which HTG will use to pay off an existing senior credit facility with Oxford Finance and Silicon Valley Bank. It also gives HTG access to an additional $13 million through September 2019 subject to certain conditions, including the first commercial sale of an FDA-approved diagnostic assay developed under HTG's alliance with Qiagen.

The loan facility also includes an additional $2 million revolving line of credit that is expandable to up to $10 million. It has a term of five years, with interest-only payments for the first two years.

"This agreement provides flexible, non-dilutive financial capacity as we look to accelerate our strategies," HTG President and CEO TJ Johnson said in a statement. The initial funding of the term loan is expected to give the company approximately $2 million in additional cash resources through early 2019, HTG CFO Shaun McMeans added.

Earlier this month, HTG reported that it ended 2017 with $10 million in cash and cash equivalents. In January, the firm raised $40.4 million through a public offering.

The Scan

Quality Improvement Study Compares Molecular Tumor Boards, Central Consensus Recommendations

With 50 simulated cancer cases, researchers in JAMA Network Open compared molecular tumor board recommendations with central consensus plans at a dozen centers in Japan.

Lupus Heterogeneity Highlighted With Single-Cell Transcriptomes

Using single-cell RNA sequencing, researchers in Nature Communications tracked down immune and non-immune cell differences between discoid lupus erythematosus and systemic lupus erythematosus.

Rare Disease Clues Gleaned From Mobile Element Insertions in Exome Sequences

With an approach called MELT, researchers in the European Journal of Human Genetics uncovered mobile element insertions in exomes from 3,232 individuals with or without developmental or neurological abnormalities.

Team Tracks Down Potential Blood Plasma Markers Linked to Heart Failure in Atrial Fibrillation Patients

Researchers in BMC Genomics found 10 differentially expressed proteins or metabolites that marked atrial fibrillation with heart failure cases.