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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.

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