SAN FRANCISCO, Feb. 27, 2018 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), one of the fastest growing genetic information companies, today announced that it has reached an agreement with Oxford Finance, LLC to expand its existing loan and security agreement by $20.0 million, bringing the total remaining capital available under the agreement to $40.0 million. This increase in net borrowing ability provides additional financial flexibility in 2018 as Invitae seeks to grow the size and scope of its genome network.
Invitae received gross proceeds of $40.0 million from the first tranche of the credit facility upon closing in March 2017 and currently has an additional $20.0 million in capital available at its discretion. The amendment to the agreement provides an additional $20.0 million that may be funded at Invitae's option during the second quarter 2018. The loan matures in March 2022. The Company's obligations under the Loan and Security Agreement are subject to quarterly covenants to achieve certain volume and revenue levels as well as additional covenants, with the remaining terms of the amendment substantially similar to the original agreement.
Invitae Corporation (NYSE: NVTA) is bringing comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. As one of the fastest growing genetic information companies, Invitae is advancing the broad potential of genetics, helping to expand its use across the healthcare continuum. The company provides genetic information services for all stages of life – from preconception screening, to newborn diagnosis, to inherited disease screening, to proactive health management – and a unique, rapidly expanding network of patients, hospital systems, and advocacy partners that is moving genetics from one-dimensional testing to complex information management. For more information visit www.invitae.com, or follow us on Twitter, Facebook or LinkedIn.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's plans to grow the size and scope of its genome network. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company's history of losses; risks associated with the company's limited experience with respect to acquisitions; the company's ability to compete; the company's failure to manage growth effectively; the company's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company's ability to develop and commercialize new tests and expand into new markets; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; the company's inability to raise additional capital on acceptable terms; risks associated with the company's ability to use rapidly changing genetic data to interpret test results accurately, consistently, and quickly; security breaches, loss of data and other disruptions; laws and regulations applicable to the company's business; and the other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
SOURCE Invitae Corporation