Daily News: January 14, 2015

GE Capital HFS Agents GenMark Diagnostics Facility

GE Capital, Healthcare Financial Services has served as administrative agent on a senior secured credit facility of up to $40 million for GenMark Diagnostics, 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.

Carlsbad, CA-based 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.”

GenMark Diagnostics 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.