Daily News: March 28, 2012

NeoGenomics Increases Revolving Credit Facility With CapitalSource


NeoGenomics, Inc. announced that it had reached an agreement with CapitalSource Finance to amend its revolving credit facility. The amendment increased the maximum availability of the facility from $5 million to $8 million based on eligible accounts receivable and gives the company the right to request up to two additional $1 million increases in such availability in the future.

The amendment also provides for a 1.0% per annum decrease in the overall interest rate based on current LIBOR rates and extends the term of the facility through March 26, 2015.

Douglas M. VanOort, chairman and CEO, commented, “We are very pleased with this amendment as it reduces our interest rate and immediately increases our current cash availability by approximately $2.5 million. Our revenues are growing rapidly, and the resulting increases in accounts receivable are consuming greater amounts of working capital. This amended credit facility will allow us more flexibility with which to operate our business.”

NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing.