Bionano Genomics Inc. will raise $41.5 million through loans and equity sale involving Innovatus Capital Partners LLC, East West Bancorp Inc. and Aspire Capital Fund LLC.
The San Diego-based company entered into a loan and security agreement with Innovatus Capital to raise about $25 million in loans, with $20 million available on or about March 22, and the remainder dependent on meeting financial goals.
California's East West Bank will offer Bionano a revolving line of credit of as much as $5 million.
Innovatus Capital, a New York-based asset management firm, also agreed to buy the genome mapping company's 406,504 common shares for $1.5 million.
Further, Chicago-based Aspire Capital agreed to buy up to $10 million worth of equity in the company, with an initial purchase of 272,479 common shares for $1 million. Aspire Capital may buy up to $9 million of additional company common shares over a 30-month period at the prevailing market share prices.
The financing will enable the company to advance its global sales strategy and the adoption of its genome analysis platform, the Saphyr system, Bionano CEO Erik Holmlin said in a statement.