SOURCE: HTG Molecular Diagnostics
TUCSON, AZ--(Marketwired - Aug 29, 2014) - HTG Molecular Diagnostics ("HTG") today announced that it has closed a growth capital term loan facility with Silicon Valley Bank and Oxford Finance (SVB/Oxford). The loan facility provides HTG with up to $16 million of available proceeds, with $11 million funded at the initial closing this month.
"Together with the capital raised through recent equity offerings, the debt facility with SVB/Oxford provides HTG the funding needed to pursue several operating initiatives, including key research and development (R&D) programs and strategic sales and marketing expansion," stated TJ Johnson, Chief Executive Officer of HTG.
"Oxford is very pleased to provide capital to support HTG's R&D programs and marketing strategies," said Christopher A. Herr, Managing Director for Oxford Finance. "The company is led by a seasoned management group, and we believe its molecular profiling platforms are highly innovative, with a wide range of applications."
"We are pleased to continue our decade-long partnership with HTG as the company advances and expands its R&D programs and sales initiatives," said Michael White, Managing Director of Silicon Valley Bank's Southwest Life Sciences team. "HTG's innovations have a direct and meaningful impact on patient lives and we are fortunate to be able to support the team with this new round of financing."
Headquartered in Tucson, Arizona, HTG's mission is to provide simple, cost effective solutions for accurate RNA testing. In 2013 the company commercialized its Edge instrument platform and a portfolio of mRNA assays that leverage HTG's proprietary nuclease protection chemistry. The capability of the Edge system has been expanded to fully automate sample and targeted library preparation for next-generation sequencing.