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NanoString Technologies Secures $47.5M in Loans to Navigate Bankruptcy

NEW YORK — NanoString Technologies said Friday that it has secured $47.5 million in loan funding, an announcement that comes just days after the spatial biology firm filed for bankruptcy.

Earlier this week, NanoString and three of its European subsidiaries filed for Chapter 11 bankruptcy protection after the company was ordered to pay millions of dollars in damages for infringing patents held by 10x Genomics. In conjunction with that filing, NanoString said that it had secured a debtor-in-possession loan of at least $40 million from certain existing noteholders.

NanoString said that these lenders have now agreed to provide a total of $47.5 million, comprising $12.5 million in new money term loans already approved by the court overseeing the bankruptcy, as well as $35 million in new money term loans to be funded upon final court approval, expected later this month.

NanoString said the money will support its restructuring process, as well as its ongoing business operations including product sales, product development, and other key business activities. The Seattle-based company previously said that it is also exploring strategic alternatives including a potential sale of all or parts of its business. 

NanoString said it is represented by Willkie Farr & Gallagher as counsel, AlixPartners as restructuring adviser, and Perella Weinberg Partners as restructuring investment banker.

Last month, NanoString said it was laying off 9 percent of its workforce in a cost-cutting move and that its stock was facing delisting from the Nasdaq for failing to keep up with the exchange's minimum bid price requirement.