American Bio Medica Closes Revolver With Imperium Commercial
American Bio Medica announced that it entered into an agreement with Imperium Commercial Finance Master Fund LP that provides the company with a secured revolving line of credit of up to $1.5 million for working capital and a $500,000 supplemental advance for new market opportunities.
An additional $1 million term note is also available to the company subject to milestones to be determined and reached in the future. The company will use some of the proceeds from the revolving line of credit to pay off its existing line of credit with Medallion Financial.
ABMC CEO Stan Cipkowski stated, “Economic conditions over the past several years have severely impacted ABMC but we have survived and stabilized the company. We are now finally in position to achieve profitable sales growth. We have a number of new products in the pipeline for existing and new markets and many distribution opportunities worldwide. This new relationship with Imperium will allow us to commercialize these products, expand our core business, and maximize market opportunities.”
American Bio Medica develops, manufactures and markets accurate, cost-effective immunoassay test kits, including a collection of tests for drugs of abuse.