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Exagen Diagnostics Inks $23M Term Loan Deal

NEW YORK (360Dx) – Autoimmune rheumatic disease diagnostics firm Exagen Diagnostics said today that it has entered into a debt financing agreement that provides it with $25 million in term loans from an affiliate of Innovatus Capital Partners.

The firm said that combined with more than $23 million it had already raised in a Series F equity offering earlier this year, the new agreement takes its equity and debt fund raising to more than $48 million this year. The company said that it will use the funds to accelerate the commercialization of its proprietary Cell Bound Complement Activation Products technology.

Exagen Diagnostics CEO Ron Rocca said in a statement that the firm's strong capital position will assist it in maintaining its growth trajectory as it prepares to commercialize its pipeline products and conduct clinical utility studies.

In 2014, Exagen had filed a preliminary prospectus for an initial public offering of up to $69 million, but it didn't complete the process.