Lucira Health Secures $ 80M to Expand COVID-19 Test Kit


What You Should Know:

Lucira Health, Inc. (Nasdaq: LHDX), a medical technology company focused on the development and commercialization of transformative and innovative infectious disease test kits, today announced it has secured a debt facility of up to $ 80M with Hercules Capital, Inc. and Silicon Valley Bank.

– Lucira’s COVID-19 testing platform produces lab-quality molecular testing in a single-use, consumer-friendly, palm-size test kit powered by two AA batteries. The FDA USA authorized 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 .

Financial Details

Under the term loan, Lucira received the first tranche of $ 30M at closing. A second tranche of $ 20M will be available between September 1, 2022 and March 31, 2023 upon achieving certain milestones. A third tranche of $ 15M will be available prior to June 15, 2023 upon achieving certain milestones. A fourth tranche of $ 15M may be made available prior to March 15, 2024, as determined by Hercules and SVB.

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