SAN DIEGO, June 2, 2011 /PRNewswire/ -- Sequenom, Inc. (NASDAQ: SQNM), a life sciences company providing innovative genetic analysis solutions, today announced it and its subsidiary Sequenom Center for Molecular Medicine® (Sequenom CMM) have secured a $30.0 million financing commitment from Silicon Valley Bank’s San Diego-based team. Sequenom will use proceeds from the facility to support the development and commercialization of new products and other near term growth initiatives.
The credit facility consists of a term loan of up to $20.0 million, and a $10.0 million revolving line of credit to be used for the purchase of capital equipment to expand laboratory capacity and to fund working capital requirements, accounts receivable and inventory as Sequenom CMM prepares to commercialize and launch new laboratory developed tests.
"The addition of this new credit facility enables us to extend the runway provided by financings put in place over the last year and to maintain a consistent level of liquidity as we move into an active growth phase for the company," said Paul V. Maier, CFO of Sequenom, Inc.
The Sequenom CMM laboratory in San Diego, Calif. was recently awarded accreditation by the Accreditation Committee of the College of American Pathologists (CAP), while the laboratory based in Grand Rapids, Mich. received its third re-accreditation based on the results of recent onsite inspections. In May of 2011, laboratory director Daniel H. Farkas, Ph.D., H.C.L.D. was advised of this national recognition and congratulated for the excellence of the services being provided, making the laboratory one of more than 7,000 CAP-accredited facilities worldwide.
Sequenom, Inc. (NASDAQ: SQNM) is a life sciences company commi
|SOURCE Sequenom, Inc.|
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