Labcyte Receives $17M Credit Facility

labcyte_logoLabcyte Inc., a Sunnyvale, California-based global biotechnology tools company, received a $17m credit facility.

Oxford Finance and Silicon Valley Bank provided the respurces that include a $10 million senior secured term loan and a $7 million line of credit.

The company intends to use the proceeds of the loan for research and development efforts and the expansion of its worldwide business.

Led by Mark Fischer-Colbrie, president and chief executive officer, Labcyte provides liquid handling systems to precisely transfer liquids without contact, eliminating the use of pipettes. Its instruments are used worldwide throughout the pharmaceutical industry, diagnostic companies, genome centers, genomic service companies, biotechnology firms, contract research organizations, and academic institutions.
Customers work across a wide spectrum of scientific research, including drug discovery, genomics, proteomics, diagnostics, precision medicine, and imaging mass spectrometry.

Labcyte has 55 U.S. patents and others internationally.




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