Navigation Links
Althea Technologies Secures $12 M Credit Line to Continue Facility Growth and Expansion
Date:9/16/2008

SAN DIEGO, Sept. 16 /PRNewswire/ -- Althea Technologies, Inc., a leading provider of innovative technologies and services for pharmaceutical development and manufacturing, announced today that it has secured a new credit facility through City National Bank to provide for additional capital investment in its newly constructed cGMP manufacturing plant. Althea intends to begin offering commercial manufacturing services in the fourth quarter of this year.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020925/LAW010LOGO)

"We are pleased to report the acquisition of this credit facility with City National Bank which will finance equipment for our recently constructed 30,000 SF cGMP commercial-scale manufacturing building. With truly state-of- the-art equipment, significant production capacities for biotech drugs and filling of finished drug products at the 100,000 unit batch size, this will enable Althea to advance to the next level as a major contract manufacturer. We look forward to working closely with the City National Bank team and are pleased with the attention and emphasis they have invested to this relationship," stated Dr. Magda Marquet, President and Co-CEO of Althea Technologies.

According to Gary Gilmore, Althea's CFO, the credit facility provides for $12 million of working capital and equipment financing for the new facilities.

Stephen Cusato, senior vice president and manager of City National Bank's Commercial Banking Services Office in San Diego, added, "We're excited to offer the bank's resources and our team's expertise to support Althea's expansion into commercial-scale manufacturing. We view this as the first step in a long-term relationship."

About Althea Technologies, Inc.

Althea Technologies, a leading San Diego-based pharmaceutical services firm, provides critical manufacturing services that support researchers worldwide in their advancement of novel therapies and efforts to apply new genomic information. Althea's services include cGMP contract manufacturing of recombinant proteins, DNA-based therapeutics and vaccines, and aseptic filling. For more information, visit http://www.altheatech.com.

About City National Bank

City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $16.3 billion in total assets, and provides banking, investment and trust services through 62 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its eight majority-owned investment affiliates manage or administer $53.5 billion in client investment assets, including $34 billion under direct management.

For more information about City National, visit the company's Website at http://www.cnb.com.

Contact:

Althea Technologies, Inc.

R. Gary Gilmore

Chief Financial Officer

(858) 882-0200

ggilmore@altheatech.com


'/>"/>
SOURCE Althea Technologies, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. HealthEast Care System Selects Concuitys ClearContracts to Increase Contract Analysis and Negotiation Capabilities and Improve Revenue Cycle Management
2. Epeius Biotechnologies Lead Product, Rexin-G for Metastatic Cancer, Aptly Highlighted by National Cancer Institute Journal
3. Neptune Technologies decided not to re-price options
4. Neurobiological Technologies Announces Dates for 2008 Fiscal Year End Financial Results Conference Call and Presentation at MCF Investor Summit
5. Neptune Technologies successfully completes up to $8.5 million debt financing with Desjardins Group
6. BioSpecifics Technologies Corp. Buys Down Royalties for Peyronies Disease
7. Neptune Technologies Reports Record Fiscal 2008 Fourth Quarter and Year End Results
8. Anthill Technologies Announces Agreement With Zafgen
9. Cryo-Cell International and EndGenitor Technologies Announce Research Collaboration
10. Sonus Pharmaceuticals and OncoGenex Technologies complete business combination; OncoGenex Pharmaceuticals to commence trading on NASDAQ Capital Market today
11. RF Technologies(R) Installs Safe Place(R) Solution for Pediatric and Infant Security at ProHealth Cares Waukesha Memorial Hospital
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... LOUISVILLE, Ky. , June 23, 2016 /PRNewswire/ ... from two Phase 1 clinical trials of its ... double-blind, placebo-controlled, single and multiple ascending dose studies ... and pharmacodynamics (PD) of subcutaneous injection in healthy ... APL-2 subcutaneously (SC) either as a single dose ...
(Date:6/23/2016)... -- Andrew D Zelenetz , ... Published recently in Oncology & ... Andrew D Zelenetz , discusses the fact ... placing an increasing burden on healthcare systems worldwide, ... the patents on many biologics expiring, interest in ...
(Date:6/23/2016)... Francisco, CA (PRWEB) , ... June 23, 2016 ... ... (EDC) software, is exhibiting at the Pennsylvania Convention Center and will showcase its ... Annual conference. ClinCapture will also be presenting a scientific poster on Disrupting Clinical ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... line of intelligent tools designed, tuned and optimized exclusively for Okuma CNC machining ... Chicago. The result of a collaboration among several companies with expertise in toolholding, ...
Breaking Biology Technology:
(Date:4/28/2016)... SAN FRANCISCO and BANGALORE, India ... part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: ... service provider, today announced a global partnership that ... convenient way to use mobile banking and payment services. ... Mobility is a key innovation area for financial services, but ...
(Date:4/19/2016)... DUBAI , UAE, April 20, 2016 ... can be implemented as a compact web-based "all-in-one" system ... in the biometric fingerprint reader or the door interface ... requirements of modern access control systems. The minimal dimensions ... the ID readers into the building installations offer considerable ...
(Date:4/13/2016)... physicians supporting Medicaid patients in Central Florida ... telehealth thanks to a new partnership with higi.   ... can routinely track key health measurements, such as blood ... they opt in, share them with IMPOWER clinicians through ... location at no cost. By leveraging this data, IMPOWER ...
Breaking Biology News(10 mins):