You may find more results for this query on our sister sites: GenomeWeb and Precision Oncology News.
The loan will help fund Scope's development of its PCR One point-of-care molecular diagnostic instrument and related respiratory virus panel.
The firm used the new loan to pay off an older $7.0 million loan and a $3.0 million promissory note held by Qiagen North American Holdings.
The company had announced on March 3 that the lenders had committed to the debt financing in connection with its proposed acquisition of Qiagen.
The genome mapping firm had fallen out of compliance with respect to its loan agreement with Innovatus and will prepay $5 million toward the loan principal.
The funding will be used in part to settle a convertible bond facility Novacyt entered into earlier this year, as well as for working capital.
The company has used a portion of the new facility to pay back existing debt to the bank, as well as a final payment designated in the parties' earlier loan agreement.
The credit facility, available through Sept. 17, 2024, replaces a prior credit facility dated Aug. 11, 2016 for $1 billion.
The firm said that the funding may be used to support further development of its portfolio of diagnostics for sepsis-causing pathogens and antibiotic-resistance genes.
The firm replaced an existing $4 billion credit facility with a $5 billion one, and entered into a new $5 billion revolving credit facility.
The agreement consists of a $100 million revolving credit facility, a $100 million initial term loan, and a $50 million delayed-draw term loan.