Sequenom Inc., a San Diego biotechnology company providing genetic analysis solutions, said June 2 that it secured $30 million in financing from Silicon Valley Bank’s local office. The business said it will use the funds to support the development and commercialization of new products and other near-term growth initiatives.
The financing package the business obtained includes a term loan of up to $20 million and a $10 million revolving line of credit to be used for the purchase of capital equipment to expand its laboratory capacity and to fund working capital requirements, accounts receivable and inventory as Sequenom’s Center for Molecular Medicine prepares to commercialize and launch new laboratory developed tests.
Silicon Valley Bank is a business of Santa Clara-based SVB Financial Group.
— Mike Allen