Friday, July 1, 2016
Ignyta Raises $42M In Term Loan
San Diego-based precision medicine developer Ignyta said Thursday afternoon that it has secured a new, $42M term loan facility. The loan came from Silicon Valley Bank and Oxford Finance. The company said the loan has an interest rate of Prime + 4.35%, and that the company has interest only payments for twenty-four months, followed by an amortization period of thirty-six months. According to the company, it has initially drawn on $32M of that loan, with "substantially all" of that loan going to repay a prior loan from Silicon Valley Bank; Ignyta cannot draw on the additional, $10M of that loan until April 7, 2017, if it meets certain conditions.