Interpace Biosciences, along with its subsidiaries, entered into a $7.5 million revolving credit facility with Comerica Bank.

The facility matures on Sept. 30, 2023, and allows for advances based on 80% of eligible accounts receivable plus an applicable non-formula amount consisting of $2 million of additional availability at close, stepping down $250,000 per quarter beginning with the quarter ending June 30, 2022. The interest rate is equal to prime plus 0.5%, with prime being the greater of the bank’s stated prime rate or the sum of the daily adjusting LIBOR rate, plus 2.5% per annum. Comerica Bank will have a first priority security interest in substantially all of Interpace’s and its subsidiaries’ assets and will be senior to the existing $7.5 million bridge loans made by the company’s private equity investors.

“We believe this new credit facility demonstrates confidence in our business growth strategy to deliver value to Interpace’s stockholders and will give us added flexibility to achieve our growth expectations to assist healthcare providers in the diagnosis, triage and treatment of patients,” Thomas Burnell, CEO of Interpace Biosciences, said. “We are very pleased to work with Comerica and believe we are well positioned to continue to execute our strategic plans.”