Twist Bioscience Secures $10 Million Loan Facility
SAN FRANCISCO, Sept. 30, 2014 /PRNewswire/ -- Twist Bioscience today announced that it secured a loan facility of up to $10 million with Silicon Valley Bank.
"We continue to advance the development of our game-changing platform and user experience that will accelerate scientific discovery as we look to rapidly deliver high-quality, low cost, high-throughput synthetic DNA to our customers," said Emily Leproust, Ph.D., chief executive officer of Twist Bioscience. "This new loan facility provides flexibility within our business model to pursue strategic opportunities while maintaining our focus on product development."
Under the terms of the agreement, Twist will be able to draw upon a portion of the loan immediately with the remainder available upon completion of certain business milestones.
"We are thrilled to be involved with an innovator like Twist Bioscience, a true thought leader in the field of synthetic biology," said Jennifer Friel Goldstein, managing director of life sciences at Silicon Valley Bank. "We look forward to playing a role in Twist delivering individually customized solutions to rapidly advance the design, build, test development cycle."
ABOUT TWIST BIOSCIENCE
At Twist Bioscience, our expertise is synthetic DNA. We have developed a proprietary semiconductor-based synthetic DNA manufacturing process featuring a 10,000-well silicon platform capable of producing synthetic biology tools, such as oligonucleotides, genes, pathways, chassis and genomes. By synthesizing DNA on silicon instead of on traditional 96-well plastic plates, our platform overcomes the current inefficiencies of synthetic DNA production, and enables cost-effective, rapid, high-quality and high-throughput synthetic gene production. The Twist Bioscience platform has the potential to greatly accelerate the development of personalized medicine, sustainable chemical production, improved agriculture production as well as new applications such as in vivo diagnostics, biodetection and data storage. For more information, please visit www.twistbioscience.com.
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SOURCE Twist Bioscience