Press release from Business Wire
GE Capital Increases Existing Credit Facility For Saladax Biomedical to $10 Million
Monday, July 22, 2013
GE Capital Increases Existing Credit Facility For Saladax Biomedical to $10 Million08:00 EDT Monday, July 22, 2013
BETHESDA, Md. (Business Wire) -- GE Capital, Healthcare Financial Services, announced today that it has amended its existing $2MM senior secured credit facility to Saladax Biomedical, Inc. to provide an additional $8 million multi-draw term loan facility and to modify the terms of the existing $2 million term loan. GE Capital, Healthcare Financial Services is acting as administrative agent and sole lender for the credit facility. The loans will be used to provide Saladax with working capital to support ongoing commercialization efforts and for other corporate purposes.
“GE has been our lender for a number of years, so they know our business well and were able to provide us with additional capital at better terms,” said Kevin Harter, CEO of Saladax. "This loan complements our Series D equity raise and allows us to increase our clinical development and commercialization efforts."
“We are pleased to provide financing that will allow Saladax to invest and grow within the personalized medicine field,” said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. “Providing customized financing to support the unique needs of life sciences companies is our team's specialty.”
Headquartered in Bethlehem, PA, Saladax Biomedical is a leader in the development and deployment of high-quality diagnostic services and products, delivering actionable data to help physicians to select and optimize the use of current and new pharmaceutical products, with the goals of improving health and positively impacting the economics of care.
About GE Capital, Healthcare Financial Services
With in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $60 billion in financing over ten years to companies in 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Allison Perkins, 203-229-1447