- Exagen Inc. (XGN, Financial) secures a senior secured credit facility up to $75 million with Perceptive Advisors.
- Initial $25 million tranche received to refinance existing debt and support balance sheet enhancement.
- Future tranches include $10 million by March 2026, $10 million by December 2026, and $30 million by March 2027 based on revenue milestones.
Exagen Inc. (XGN), a leader in autoimmune diagnostics, announced it has signed an agreement with Perceptive Advisors for a $75 million credit facility. This includes an initial $25 million funded at closing, aimed at refinancing the existing debt with Innovatus Capital Partners and bolstering Exagen's financial position. This strategic infusion of capital allows Exagen to focus on extending its financial timeline and accelerating growth initiatives.
The credit facility is structured with several future tranches: an additional $10 million available through March 2026 and another $10 million through December 2026, contingent upon meeting specific revenue milestones. Furthermore, a $30 million tranche is available until March 2027 for business development initiatives.
Loan terms specify an interest rate of Term SOFR plus 7%, with a floor of 4.75%, and an interest-only payment period of 60 months. Exagen has issued warrants to Perceptive for 400,000 shares to commence, with potential issuance of up to 750,000 additional warrants connected to future tranches. The facility is secured by nearly all of Exagen's assets, ensuring minimal dilution compared to equity offerings.
