ALAMEDA, Calif., Aug. 8 /PRNewswire-FirstCall/ -- Xenogen Corporation
(Nasdaq: XGEN) today announced that it has secured two lines of credit that
total up to $18 million, subject to borrowing base calculations and other
terms and conditions. The credit facilities are being provided by Silicon
Valley Bank and Partners for Growth. The new secured line of credit with
Silicon Valley Bank restructured Xenogen's original loan facility with Silicon
Valley Bank, and all borrowings outstanding under the original loan facility
were rolled into the new secured line of credit.
The lines of credit are available for two years and are secured by all of
the Company's assets, excluding intellectual property and certain financed
equipment. In connection with the Partners for Growth secured line of credit,
Xenogen issued Partners for Growth warrants to purchase up to 180,000 shares
of its common stock (with some warrant shares subject to forfeiture in certain
events).
David W. Carter, Xenogen Chairman and Chief Executive Officer, commented,
"We were pleased to secure the new lines of credit, which offers us financial
flexibility and working capital."
Xenogen has filed a Report on Form 8-K with the United States Securities
and Exchange Commission that includes a description of the loan and warrant
transactions with Silicon Valley Bank and Partners for Growth and copies of
the loan and warrant agreements.
About Xenogen Corporation
Xenogen combines systems biology and low-light optical imaging to create
powerful new biophotonic imaging technology that advances the ability of
scientists to explore genes, proteins, pathogens and tumor cells in living
animals in real time, providing predictive data that is designed to
substantially improve the success rate in drug development. Xenogen
incorporates into living animals the bioluminescent gene that makes a firefly
glow and captures the resulting light using an ultra-sensitive camera and
sophisticated software. This biophotonic imaging technology creates images and
analyzes the data generated on cellular activity, gene expression, spread of
disease or the effect of a new drug candidate. Xenogen's biophotonic imaging
technology is used by leading academics and pharmaceutical and biotechnology
companies to provide more accurate and previously unavailable data intended to
result in the ability to make more timely and cost-effective decisions at
every step in the drug development process.
Xenogen Biosciences, a wholly owned subsidiary of Xenogen, offers more
than 14 years of experience in the transgenic field, providing reliable,
genetically modified custom mouse models in short timelines. The company has
completed more than 2,000 transgenic and 600 gene targeting experiments, with
a greater than 95 percent success rate in delivering transgenic founder or
gene knockout lines to customers.
More information about Xenogen is available on the company's Web site at
http://www.xenogen.com. Xenogen(R), Living Image(R), IVIS(R) and DLIT(TM) are
registered trademarks or trademarks of Xenogen Corporation. http://www.xenogen.com
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging
growth and mature companies in the technology, life science and private equity
markets, as well as the premium wine industry. Through its focus on
specialized markets and extensive knowledge of the people and business issues
driving them, Silicon Valley Bank provides a level of service and partnership
that measurably impacts its clients' success. Founded in 1983 and
headquartered in Santa Clara, Calif., the company serves clients around the
world through 27 domestic offices and two international subsidiaries in the
U.K. and India. More information on the company can be found at
http://www.svb.com .
About Partners for Growth
Partners for Growth, L.P. (PfG) is a leading provider of custom debt
solutions to late-stage technology and life science companies nationwide.
Founded in June 2004 by the former members of Hambrecht & Quist's venture
lending group, PfG is structured as a $50 million debt fund, with SVB
Financial Group as its largest limited partner. For more information regarding
Partners for Growth please contact Andrew Kahn.
http://www.svb.com/services/funds.asp
Contacts:
Investors:
Jason Brady, Xenogen Corporation, (510) 291-6211
SOURCE Xenogen Corporation
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Related links:
http://www.xenogen.com
http://www.svb.com
CONTACT:
Jason Brady of Xenogen Corporation,
+1-510-291-6211
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