CareDx Announces Full Repayment of its Outstanding Debt
November 26 2018 - 8:00AM
CareDx, Inc. (NASDAQ: CDNA), a molecular diagnostics company
focused on the discovery, development and commercialization of
clinically differentiated, high-value diagnostic solutions for
transplant patients, today announced that it prepaid in full its
outstanding debt on November 20, 2018.
The prepaid debt, a $15 million term loan from Perceptive
Advisors, was obtained on April 13, 2018, had an interest rate of
9.0% plus the greater of LIBOR or 1.5%, an interest-only period of
three years, and a maturity date of April 2023. In addition to the
$15 million debt prepayment, the company also paid Perceptive
Advisors a prepayment premium and an exit fee. Cash and cash
equivalents were approximately $62 million after the payments.
“Full repayment of the term loan represents another important
milestone in the continual improvement of the company’s balance
sheet,” commented Michael Bell, CareDx’s Chief Financial Officer.
“Following the third quarter, where we reported both positive
adjusted EBITDA and operating cash flow, and our recent successful
equity financing, we are now in a strong financial position to
continue to drive revenue growth and to further fortify our
position as the leading provider of genomics-based information in
transplantation.”
About CareDx CareDx,
Inc., headquartered in Brisbane, California, is a molecular
diagnostics company focused on the discovery, development and
commercialization of clinically differentiated, high-value
diagnostic solutions for transplant recipients. CareDx offers
products along the pre- and post-transplant testing continuum.
For more information, please visit: www.CareDx.com.
Forward Looking Statements This press release
includes forward-looking statements, including expectations
regarding the Company’s financial position, potential revenue
growth, achievement of our financial and operational goals and our
prospects. These forward-looking statements are based upon
information that is currently available to CareDx and its current
expectations, speak only as of the date hereof, and are subject to
numerous risks and uncertainties, including general economic and
market factors, among others discussed in CareDx’s filings
with the SEC, including the Annual Report on Form 10-K for the
fiscal year ended December 31, 2017 filed by CareDx with the SEC on
March 22, 2018 and the periodic reports that CareDx has
subsequently filed with the SEC. Any of these may cause CareDx’s
actual results, performance or achievements to differ materially
and adversely from those anticipated or implied by CareDx’s
forward-looking statements. CareDx expressly disclaims any
obligation, except as required by law, or undertaking to update or
revise any such forward-looking statements.
CONTACTS:
Investor RelationsDavid ClairIntegrated Corporate Relations,
Inc.646-277-1266david.clair@icrinc.com
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