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CareDx secures as much as $35M in new capital

Published 03/01/2018, 09:02 AM
© Reuters.  CareDx secures as much as $35M in new capital
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  • CareDx (NASDAQ:CDNA) inks a binding commitment with Perceptive Advisors for a term loan of $15M - 35M. Funding will happen in mid-April. The loan will bear interest of 10.5% and will have an interest-only period of three years.
  • Proceeds will enable the company to repay the remaining outstanding convertible debt obligation to JGB and its $11.4M debt to Danske Bank and the former majority shareholders at Allenex. Once the JGB debt is retired, CareDx's $9.4M in restricted cash will be available.
  • During the notice period to JGB, it may convert any portion of the $26.3M outstanding principal into CareDx common stock at $4.33 per share, a 26% discount to yesterday's close of $5.82.
  • Now read: Syneos Health, Inc. 2017 Q4 - Results - Earnings Call Slides


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