NewswireToday - /newswire/ -
Bethesda, MD, United States, 2015/01/13 - 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] - GenMarkDX.com. NYSE: GE
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., 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 (genmarkdx.com) 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™.
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.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services.
GE (ge.com) 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.
Contact: Lisa Tibbitts - GE Capital
P: +1 203-956-4582 / M: +1 203-803-6142