Navigation Links
Clarient Renews and Expands Mezzanine Credit Facility With Safeguard
Date:3/3/2009

ALISO VIEJO, Calif., March 3 /PRNewswire-FirstCall/ -- Clarient, Inc. (Nasdaq: CLRT), a premier anatomic pathology and molecular testing services resource for pathologists, oncologists and the pharmaceutical industry, today announced that, effective February 27, 2009, the Company has renewed, expanded and extended its senior subordinated revolving credit facility with Safeguard Scientifics, Inc. (NYSE: SFE), Clarient's majority shareholder.

"In the current market environment, having a solid investor with the vision and capacity to support our robust growth is very encouraging," said Ron Andrews, Clarient's Vice Chairman and Chief Executive Officer. "We believe the staging of the warrants in our new agreement provides us ample time to source longer term financing solutions. Clearly, having this renewed and expanded line will allow us to focus on delivering the key milestones outlined in my recent letter to shareholders, which included 2009 annual revenue guidance of $93 million to $98 million."

The mezzanine debt facility provides maximum availability of $30 million for working capital purposes. The facility matures April 1, 2010. The new facility replaces a $21 million facility that was set to mature April 15, 2009. The outstanding balance of the facility at December 31, 2008 was approximately $13.4 million. In addition, the Company announced today that it has also renewed its credit facilities with Comerica Bank and Gemino Healthcare Finance, LLC. Complete details are available in the Form 8K filed with the SEC today.

About Clarient

Clarient combines innovative diagnostic technologies with world class pathology expertise to assess and characterize cancer. Clarient's mission is to become the leader in cancer diagnostics by dedicating itself to collaborative relationships with the healthcare community to translate cancer discovery and research into better patient care. The Company's principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies. The rise of individualized medicine as the new direction in oncology has created the need for a centralized resource providing leading diagnostic technologies, such as flow cytometry and molecular testing. Clarient is that resource, having created a state-of-the-art commercial cancer laboratory providing the most advanced oncology testing and diagnostic services available both onsite and over the web. The Company is also developing new, proprietary "companion" diagnostic markers for therapeutics in breast, prostate, lung and colon cancers, and leukemia/lymphoma. Clarient is a Safeguard Scientifics, Inc. partner company. www.clarientinc.com

About Safeguard

Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative technology and life sciences companies. Safeguard targets technology companies in Software as a Service (SaaS) / Internet-based Businesses, Technology-Enabled Services and Vertical Software Solutions, and life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices and Specialty Pharmaceuticals with capital requirements between $5 and $50 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. www.safeguard.com

Forward Looking Statements

The statements herein regarding Clarient, Inc. contain forward-looking statements that involve risks and uncertainty. Future events and the Company's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to: the Company's ability to continue to develop and expand its diagnostic services business, the Company's ability to expand and maintain a successful sales and marketing organization, the Company's ability to maintain compliance with financial and other covenants under the Company's credit facilities, limitations on the Company's ability to borrow funds under its credit facilities based on the Company's qualified accounts receivable and other liquidity factors, the Company's ability to obtain annual renewals of or replacements for its credit facilities, the effects of a going concern audit opinion on the Company's operations, the Company's ability to successfully transition its billing function in-house from a third party vendor, whether the conditions to payment of all or any portion of the contingent consideration from the Company's prior sale of its instrument systems business to Zeiss are satisfied, the Company's ability to remediate the material weaknesses in the Company's internal control over financial reporting, the continuation of favorable third party payer reimbursement for laboratory tests, the Company's ability to obtain additional financing on acceptable terms or at all, unanticipated expenses or liabilities or other adverse events affecting cash flow, uncertainty of success in identifying and developing new diagnostic tests or novel markers, the Company's ability to fund development of new diagnostic tests and novel markers and the amount of resources the Company determines to apply to novel marker development and commercialization, failure to obtain FDA clearance or approval for particular applications, the Company's ability to compete with other technologies and with emerging competitors in novel cancer diagnostics and dependence on third parties for collaboration in developing new tests, and risks detailed from time to time in the Company's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Recent experience with respect to laboratory services, revenues and results of operations may not be indicative of future results for the reasons set forth above.

The company does not assume any obligation to update any forward-looking statements or other information contained in this document.

    Contact:
    Matt Clawson
    Allen & Caron, Inc.
    (949) 474-4300
    matt@allencaron.com


'/>"/>
SOURCE Clarient, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Clarient Partners With Joint Venture Hospital Laboratories to Offer Pathologists Wide Array of Cancer Assays
2. Clarient Reports First Quarter 2008
3. Clarient to Present at the B. Riley & Co. 9th Annual Las Vegas Investor Conference
4. Clarient CEO Andrews to Participate in Panel Discussion at the RBC Capital Markets 2007 Healthcare Conference
5. Clarient Named to Deloittes 2007 Orange County Technology Fast 50 for Third Consecutive Year
6. Clarient Generates 52% Revenue Increase in Third Quarter 2007
7. Clarient Names Michele Hibbard, Ph.D. Director of Genetics
8. Clarient Names Michael J. Pellini, M.D. Chief Operating Officer
9. Clarient to Present at the UBS 2007 Global Life Sciences Conference
10. Diageo Chateau & Estate Wines Renews Official Wine Sponsorship of Elton John AIDS Foundation(R)
11. Claritin(R) Renews Sponsorship With Allergy Sufferer and NASCAR Star Carl Edwards
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... Kennett Square, PA (PRWEB) , ... March 23, 2017 , ... ... sunny days. That means many students are thinking about summer internships , which ... (or lack thereof). , The pros at Garden Media Group, a boutique public relations ...
(Date:3/23/2017)... ... March 23, 2017 , ... ... products at competitive pricing. Verisys through its FACIS and other ... restrictions and Disciplinary actions. , “We are delighted to be able to offer ...
(Date:3/23/2017)... , ... March 23, 2017 , ... ... stands with all Americans facing life-altering and fatal diseases in opposition to the ... shortsighted decisions that would eviscerate care, services, and hope for the most vulnerable ...
(Date:3/23/2017)... ... March 23, 2017 , ... On ... Dagger Foundation the US Special Operations Command’s Patriot Award. The award was presented ... thanked Task Force Dagger Foundation for its significant and enduring support to the ...
(Date:3/23/2017)... (PRWEB) , ... March 23, 2017 , ... The Boulevard ... 10am - 2pm. All events will be located in the Main West Entrance ... a no-cost Child ID event. No appointment is necessary and each child with a ...
Breaking Medicine News(10 mins):
(Date:3/23/2017)... Md. , March 23, 2017  The U.S. ... Bavencio (avelumab) for the treatment of adults and pediatric ... carcinoma (MCC), including those who have not received prior ... MCC, a rare, aggressive form of skin cancer. ... common cancers, patients with a rare form called Merkel ...
(Date:3/23/2017)... VANCOUVER, British Columbia , March 23, ... ) (the "Company" or "Sophiris"), a clinical late-stage biopharmaceutical ... diseases, today announced that data from its successful Phase ... a focal treatment for localized prostate cancer, will be ... the 32 nd Annual European Association of Urology ...
(Date:3/23/2017)... -- Research and Markets has announced the addition of ... their offering. ... The global oxygen therapy devices market to grow at a CAGR ... Global Oxygen Therapy Devices Market 2017-2021, has been prepared based on ... covers the market landscape and its growth prospects over the coming ...
Breaking Medicine Technology: