EMERYVILLE, Calif., Feb. 08, 2022 (GLOBE NEWSWIRE) — Lucira Health, a medical technology company focused on the development and commercialization of transformative and innovative infectious disease test kits, today announced that on February 4, 2022, it entered into a debt facility of up to $80 million with Hercules Capital and Silicon Valley Bank.
“This debt financing will provide Lucira latitude to broaden commercial activities and to bolster capital reserves,” said Erik Engelson, President and Chief Executive Officer of Lucira Health. “We are pleased to have the support of Hercules and SVB, both highly respected lenders in the life science sectors, and anticipate that this financing, along with our available cash of approximately $106 million as of December 31, 2021, will reinforce Lucira’s financial health and provide for continued growth opportunities.”
Under the term loan, Lucira received the first tranche of $30 million at closing. A second tranche of $20 million will be available between September 1, 2022 and March 31, 2023 upon achieving certain milestones. A third tranche of $15 million will be available prior to June 15, 2023 upon achieving certain milestones. A fouth tranche of $15 million may be made available prior to March 15, 2024, as determined by Hercules and SVB.
“Hercules is proud to partner with Lucira in the expanded commercialization of their single-use molecular diagnostic test kits,” stated Cristy Barnes, managing director at Hercules. “This substantial financial commitment from Hercules exemplifies our dynamic ability to customize financing solutions to support innovative life sciences companies, such as Lucira, through development and commercialization.”
“Silicon Valley Bank is pleased to be expanding its partnership with Lucira Health to support their efforts to make easy-to-use and highly accurate at-home testing available worldwide via their novel infectious disease test kits,” said Kristina Peralta, Senior Vice President, Life Science & Healthcare at Silicon Valley Bank.
The data relating to available cash as of December 31, 2021 presented in this press release reflect our preliminary estimated unaudited financial results for the fourth quarter and year ended December 31, 2021, based upon information available to us as of the date of this press release. We have provided preliminary data primarily because our financial closing procedures for the year ended December 31, 2021 are not yet complete. The data are not a comprehensive statement of our results for this period, and our actual results may differ materially from these preliminary data. Our actual results remain subject to the completion of management’s and our audit committee’s reviews and our other financial closing processes as well as the completion and preparation of our financial data for the fourth quarter and year ended December 31, 2021. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to such preliminary data as of December 31, 2021. During the course of the preparation of our financial statements and related notes and the completion of the audit for the fourth quarter and year ended December 31, 2021, additional adjustments to the preliminary financial information presented here may be identified, and our final results for these periods may vary from this preliminary data . This preliminary data should not be considered a substitute for the financial statements to be prepared in accordance with accounting principles generally accepted in the United States and to be filed with the Securities and Exchange Commission in our Annual Report on Form 10-K for the year ended December 31, 2021 once it becomes available. Lucira expects to provide fourth quarter and full year 2021 financial results and 2022 guidance during its fourth quarter 2021 earnings call in March 2022.
About Lucira Health
Lucira is a medical technology company focused on the development and commercialization of transformative and innovative infectious disease test kits. Lucira’s testing platform produces lab quality molecular testing in a single-use, consumer-friendly, palm-size test kit powered by two AA batteries. Lucira designed its test kits to provide accurate, reliable, and on-the-spot molecular test results anywhere and at any time. The Lucira™ Check-It COVID-19 Test Kit (OTC) and Lucira™ COVID-19 All-In-One Test Kit (Rx) are designed to provide a clinically relevant COVID-19 result within 30 minutes from sample collection. For more information, visit www.lucirahealth.com.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception in 2003, Hercules has committed more than $13 billion to over 540 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650-289-3060.
About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and their investors move bold ideas forward rapidly. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
