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HTG Molecular Inks $10M Secured Credit Agreement

NEW YORK – HTG Molecular Diagnostics said on Thursday that it has entered into a $10 million senior term loan agreement with Silicon Valley Bank.

The Tucson, Arizona-based firm used the proceeds to pay off HTG's $7.0 million principal amount term loan with MidCap Financial and its $3.0 million principal amount subordinated convertible promissory note held by Qiagen North American Holdings.

The senior term loan is for 42 months, with interest only payments through June 30, 2021, in addition to six additional months under specific conditions.

"As we continue to execute our strategy of growing our core profile business, building our portfolio with biopharma, and advancing our profiling product toward a diagnostic menu strategy, we believe that our relationship with SVB will be instrumental in allowing us to realize our value-building initiatives," Shaun McMeans, senior VP and CFO of HTG, said in a statement.

In addition, the $3.2 million of restricted cash previously held in escrow under HTG's prior senior credit facility has been released and is available for use in the firm's operations, the company said.