GE Capital Agents $40 Million Credit Facility for GenMark Diagnostics
January 13 2015 - 8:00AM
Business Wire
GE Capital’s Healthcare Financial Services business has served
as administrative agent on a senior secured credit facility of up
to $40 million for GenMark Diagnostics, Inc. (NASDAQ:GNMK),
comprised of a multi-tranched $35 million venture loan facility and
a $5 million asset-based revolving credit facility. GE Capital
Markets served as sole lead arranger and bookrunner.
Based in Carlsbad, CA, GenMark develops and commercializes its
proprietary eSensor® detection technology that enables detection of
multiple distinct biomarkers in a single biologic sample. The funds
will be used to provide additional working capital as the company
launches its sample-to-answer ePlex™ system globally. It has
finished development and is now preparing to execute the relevant
analytical and clinical studies necessary to launch the system.
“GE Capital developed a unique structure that’s both flexible
and large enough to finance our domestic and international product
launch,” said Scott Mendel, GenMark’s CFO. “Working with a lender
that really understands the molecular diagnostics sector and the
revenue ramp-up process was a great experience.”
“GenMark is benefiting from several growth drivers in the
molecular diagnostic space,” noted Brett Haring, senior managing
director of GE Capital, Healthcare Financial Services, life science
finance business. “These include more decentralized laboratory
testing and new genomics discoveries in personalized medicine.
These developments are reducing both the time and the costs
associated with treating patients at the point of care.”
About GenMark Diagnostics, Inc.
GenMark Diagnostics is a provider of automated, multiplex
molecular diagnostic testing systems that detect and measure DNA
and RNA targets to diagnose disease and optimize patient treatment.
Utilizing GenMark’s proprietary eSensor® detection technology,
GenMark’s eSensor® XT-8 system is designed to support a broad range
of molecular diagnostic tests with a compact, easy-to-use
workstation and self-contained, disposable test cartridges. The
eSensor® detection technology is also incorporated into GenMark’s
sample-to-answer system, ePlex™. For more information, visit
www.genmarkdx.com.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one
of the most active sources of capital in the U.S. healthcare
market, providing more than $10.5 billion in financing across more
than 240 transactions in 2014.
Customers across 45 healthcare sectors — including senior
housing, hospitals, medical offices, outpatient services,
pharmaceuticals and medical devices — rely on HFS to finance
acquisitions, refinance existing debt, support working capital
needs and fund growth initiatives. With in-depth industry knowledge
and expertise, the HFS team of professionals creates financial
solutions tailored to meet the individual needs of its customers.
For more information, visit gecapital.com/healthcare or follow
company news via Twitter (http://twitter.com/GELendLease).
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
(http://twitter.com/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.
Building, powering, moving and curing the world. Not just
imagining. Doing. GE works. For more information, visit the
company's website at www.ge.com.
GE Capital, Healthcare Financial ServicesMaria C. Moreno,
301-664-9859mariac.moreno@ge.comorGE Capital, AmericasLisa
Tibbitts, 203-956-4582lisa.tibbitts@ge.comorGenMark
Diagnostics, Inc.Scott Mendel, 760-448-4318Chief Financial
OfficerScott.Mendel@genmarkdx.com
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