Strengthens balance sheet to fund clinical programs, commercialization efforts, and continued expansion of oncogene mutation portfolio for cancer monitoring
SAN DIEGO , July 1, 2014 /PRNewswire/ — Trovagene, Inc. (NASDAQ: TROV) today announced that it has secured an unrestricted debt facility in the amount of $15 million from Silicon Valley Bank and Oxford Finance LLC. The additional capital will be used to support ongoing development and commercialization activities for the Company’s precision cancer monitoring platform. As a result, Trovagene expects to report approximately $35 million in cash and cash equivalents for the quarter ended June 30, 2014 .
“We continue to advance our proprietary cancer monitoring platform and the application of our technology in clinical settings. Recent progress includes clinical study results presented at ASCO 2014 and a reference in clinical consensus guidelines for the treatment of certain histiocytic disorders associated with BRAF V600E mutations,” said Stephen Zaniboni , chief financial officer of Trovagene. “Our strengthened balance sheet enables us to execute effectively toward our key milestones.”
“Trovagene’s innovations have a direct and positive impact on patients, and we’re pleased to be able to support the team with this new financing,” said Michael White of Silicon Valley Bank’s Life Science and Healthcare team in San Diego .