NEW YORK(GenomeWeb) – Invitae has entered into a $15 million loan agreement with Silicon Valley Bank to purchase equipment, the firm said in a document filed with the US Securities and Exchange Commission on Wednesday.
Invitae drew down an initial tranche of $2.5 million and can draw down additional tranches of up to $2 million each. Under the terms of the deal, the firm may request additional tranches for the purchase of equipment through December 31, 2016 subject to certain restrictions, it said.
Invitae went public in February raising nearly $102 million in gross proceeds. As of March 31, the San Francisco-based molecular diagnostics company had $68.3 million in cash and cash equivalents and $116.1 million in marketable securities. The company is scheduled to release its financial results for the second quarter on August 6.