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's (NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. www.invitae.com (PRNewsFoto/Invitae Corporation) Invitae's (NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. www.invitae.com (PRNewsFoto/Invitae Corporation)](https://mma.prnewswire.com/media/268592/invitae_corporation_logo.jpg)
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.
About Invitae
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.
Contact:
Kate McNeil
ir@invitae.com
347-204-4226
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SOURCE Invitae Corporation