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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events

 

On August 2, 2019, the Company entered into an amended and restated credit and security agreement (the “Amended and Restated Credit and Security Agreement”) with Silicon Valley Bank as agent, MidCap Financial Trust, Flexpoint MCLS Holdings, LLC, and the other lenders from time to time party thereto (collectively, the “Lenders”), providing for a term loan of $40.0 million and a revolving credit facility of up to $20.0 million, both of which mature on January 1, 2024 (the “Maturity Date”). The Company concurrently borrowed the $40.0 million term loan and used $7.7 million of the proceeds to repay the remaining amount owed on its existing term loan with Silicon Valley Bank and MidCap Financial Funding XIII Trust.

 

The applicable interest rate under the Amended and Restated Credit and Security Agreement is (a) with respect to the term loan, the greater of (i) the prime rate published by the Wall Street Journal plus 1.50% or (ii) 6.50%, and (b) with respect to the revolving loan is the greater of (i) the prime rate published by the Wall Street Journal or (ii) 5.50%. 

 

The Company granted the Lenders a security interest in substantially all of its personal property, rights and assets, other than intellectual property, to secure the payment of all amounts owed under the Amended and Restated Credit and Security Agreement. The Company also agreed not to encumber any of its intellectual property without the Lenders’ prior written consent.