Nanosphere, Inc. (NSPH) Announces Amendment to $30 Million Term Loan Facility

Nanosphere, Inc. (NASDAQ:NSPH), a company enhancing medicine through targeted molecular diagnostics, announced today that it has amended certain terms of its $30 million term loan facility with NSPH Funding LLC, an affiliate of Life Sciences Alternative Funding LLC, and SWK Funding LLC, as lenders (together, the “Lenders”). Nanosphere entered into the loan facility and immediately drew $20 million under the facility on May 14, 2015. Under the original terms of the loan facility,Nanosphere was subject to a condition precedent and a post-closing covenant that required Nanosphere to raise an aggregate of at least $4 million in net proceeds from equity financings prior to entering into the loan facility and an aggregate of at least $6 million in net proceeds either equity financings or licensing or strategic partnership transactions within eight months ofMay 14, 2015, pursuant to which Nanosphere raised an aggregate of $8 million in net proceeds from its preferred stock offerings in May and June 2015. Under the amended terms of the loan facility, the lenders have waived the requirement that Nanopshere raise an additional $2 million in consideration of certain adjustments to the reserve requirements under the loan facility.

Nanosphere also announced today that it will report its results for the second quarter ended June 30, 2015 after the market close on Monday, August 10, 2015. The company will also hold a live investor conference call and webcast at 8:30am Eastern/5:30am Pacific on Tuesday, August 11, 2015. (Original Source)

Shares of Nanosphere closed yesterday at $3.01. NSPH has a 1-year high of $31 and a 1-year low of $2.75. The stock’s 50-day moving average is $3.18 and its 200-day moving average is $4.36.

On the ratings front, Nanosphere has been the subject of a number of recent research reports. In a report issued on May 13, Piper Jaffray analyst William Quirk maintained a Hold rating on NSPH, with a price target of $3.50, which represents a potential upside of 16.3% from where the stock is currently trading. Separately, on the same day, Canaccord Genuity’s Mark Massaro reiterated a Buy rating on the stock and has a price target of $5.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, William Quirk and Mark Massaro have a total average return of 9.3% and -8.2% respectively. Quirk has a success rate of 65.4% and is ranked #1072 out of 3721 analysts, while Massaro has a success rate of 34.6% and is ranked #3613.

Nanosphere Inc develops, manufactures and markets molecular diagnostics platform, the Verigene System, which enables sensitive genomic and protein testing on a single platform.

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