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Invitae Extends Loan Agreement for $20M

NEW YORK (GenomeWeb) – Invitae has reached an agreement with Oxford Finance to extend its existing loan and security agreement by $20 million.

The first tranche of the credit facility with Oxford Finance closed a year ago and provided Invitae with $40 million in gross proceeds. With half those proceeds still available to use at its discretion, the new amendment to the agreement raises the total capital available to Invitae to $40 million more.

The additional $20 million can be funded at Invitae's option during the second quarter of 2018, and will provide the firm with "additional flexibility" throughout the year as it grows its genome network.

The loan matures in March 2022 and is subject to quarterly covenants, including achieving certain volume and revenue levels.