SEATTLE - NanoString Technologies, Inc. (NASDAQ: NSTG), a provider of life science tools for research, has announced a credit agreement with its lenders for $47.5M in new financing, an increase from the initially committed $40M. The company, currently undergoing a restructuring process, confirmed the funding includes $12.5M in term loans already approved by the U.S. Bankruptcy Court on February 5, 2024, with an additional $35M expected upon final court approval later in February.
The Seattle-based firm stated the capital infusion would be instrumental in maintaining its operations, including sales, product development, and other business activities, during its restructuring phase. NanoString's President and CEO, Brad Gray, expressed gratitude towards noteholders for their support and assured stakeholders of the company's commitment to business continuity and exploring strategic options for future stability.
NanoString is known for its contributions to spatial biology, offering tools like the GeoMx® Digital Spatial Profiler and the CosMx™ Spatial Molecular Imager, which help researchers analyze biological data in spatial contexts. Additionally, the AtoMx™ Spatial Informatics Platform provides cloud-based informatics for advanced analytics and collaboration in spatial biology.
The proceedings of NanoString's court-supervised restructuring process are publicly accessible through a website administered by the company's claims agent, Kroll. Legal and financial advisory for the restructuring are provided by Willkie Farr & Gallagher LLP, AlixPartners LLP, and Perella Weinberg Partners L.P., respectively.
This funding announcement comes amidst the company's chapter 11 bankruptcy filings, which inherently carry risks and uncertainties, including potential effects on its liquidity and operations. The company's forward-looking statements in the press release reflect management's expectations but are not guarantees of future performance, as actual outcomes may differ. The information in this article is based on a press release statement from NanoString Technologies, Inc.
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