GE Capital Increases Facility for Saladax Biomedical
GE Capital Healthcare Financial Services announced that it has amended its existing $2 million senior secured credit facility to Saladax Biomedical to provide an additional $8 million multi-draw term loan facility and to modify the terms of the existing $2 million term loan. GE Capital Healthcare Financial Services is acting as administrative agent and sole lender for the credit facility. The loans will be used to provide Saladax with working capital to support ongoing commercialization efforts and for other corporate purposes.
“GE has been our lender for a number of years, so they know our business well and were able to provide us with additional capital at better terms,” said Kevin Harter, CEO of Saladax. “This loan complements our Series D equity raise and allows us to increase our clinical development and commercialization efforts.”
“We are pleased to provide financing that will allow Saladax to invest and grow within the personalized medicine field,” said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. “Providing customized financing to support the unique needs of life sciences companies is our team’s specialty.”
Headquartered in Bethlehem, PA, Saladax Biomedical develops and deploys diagnostic services and products.