SEATTLE--(BUSINESS WIRE)--NanoString Technologies, Inc. (NASDAQ: NSTG), a leading provider of life science tools for discovery and translational research, today announced the Company has entered into a credit agreement with its existing lenders comprised of (a) $12,500,000 in new money term loans which have already been approved for funding pursuant to the February 5 interim order of the U.S. Bankruptcy court approving the credit facility, and (b) an additional $35,000,000 in new money term loans to be funded upon entry of the final order of the Court approving the credit facility, which is expected in late February. The total amount of $47.5 million to be provided represents an increase as compared to the initial $40 million commitment as announced on February 5, 2024. The proceeds of this new financing will support the Company through its restructuring process and will be used to support the continued and ordinary course operations of the Company, including its product sales, product development and other key business activities.
"We want to thank our noteholders for their strong support for NanoString. We are also grateful for our dedicated team and loyal customers as we navigate the restructuring process," said Brad Gray, President and CEO of NanoString. "With this financing, we will continue to conduct business as usual, our commercial team will continue to serve our customers and we will support the scientific community with the same great products and tools. We are concurrently exploring several strategic options with the goal of assuring the long-term continuation of our mission, on behalf of all NanoString stakeholders including our customers and employees."
Additional information regarding the Company's court-supervised process, including court filings and other information, is available on a separate website administrated by the Company's claims agent, Kroll, at https://cases.ra.kroll.com/NanoString.
NanoString is represented by Willkie Farr & Gallagher LLP as counsel, AlixPartners LLP as restructuring advisor, and Perella Weinberg Partners L.P. as restructuring investment banker.
About NanoString
NanoString Technologies, a leader in spatial biology, offers an ecosystem of innovative discovery and translational research solutions, empowering our customers to map the universe of biology. The GeoMx® Digital Spatial Profiler is a flexible and consistent solution combining the power of whole tissue imaging with gene expression and protein data for spatial whole transcriptomics and proteomics. The CosMx Spatial Molecular Imager is a single-cell imaging platform powered by spatial multiomics enabling researchers to map single cells in their native environments to extract deep biological insights and novel discoveries from one experiment. The AtoMx Spatial Informatics Platform is a cloud-based informatics solution with advanced analytics and global collaboration capabilities, enabling powerful spatial biology insights anytime, anywhere. At the foundation of our research tools is our nCounter® Analysis System, which offers a secure way to easily profile the expression of hundreds of genes, proteins, miRNAs, or copy number variations, simultaneously with high sensitivity and precision.
For more information, please visit www.nanostring.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, "forward-looking statements." In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately" or, in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These forward-looking statements reflect the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained herein. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. NanoString's forward-looking statements in this press release include, but are not limited to, statements about NanoString's operations during the chapter 11 case; NanoString's expected use of the proceeds from the financing; expectations about approvals from the court; NanoString's belief about emerging from the restructuring; and other statements regarding NanoString's strategy and future operations, performance and prospects, among others. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting NanoString will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond NanoString's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks associated with the potential adverse impact of the chapter 11 filings on NanoString's liquidity and results of operations; changes in NanoString's ability to meet its financial obligations during the chapter 11 process and to maintain contracts that are critical to its operations; the outcome and timing of the chapter 11 process and any potential asset sale; the effect of the chapter 11 filings and any potential asset sale on NanoString's relationships with vendors, regulatory authorities, employees and other third parties; possible proceedings that may be brought by third parties in connection with the chapter 11 process or the potential asset sale; uncertainty regarding obtaining Bankruptcy Court approval of a sale of NanoString's assets or other conditions to the potential asset sale; and the timing or amount of any distributions, if any, to NanoString's stakeholders.
NanoString, NanoString Technologies, the NanoString logo, GeoMx, AtoMx and nCounter are trademarks or registered trademarks of NanoString Technologies, Inc. in various jurisdictions.
Contacts
Investor Relations and Communications
ir@nanostring.com
(888) 358-6266
