Enzo Biochem announced it has arranged an $8 million senior secured revolving line of credit that may be increased to $12 million with Healthcare Finance Group and may be utilized for working capital and growth purposes. The new secured revolving line of credit will provide for advances against eligible receivables, as defined, of the Clinical Labs and Life Sciences segments.
Barry Weiner, president of Enzo Biochem, commented, “This financing is designed to provide our company with growth capital in a non-dilutive manner. HFG has spent time developing a deep understanding of our business, and together we have structured a financing that will help us meet our goals.”
Claudia Gourdon, senior vice president and national marketing manager of HFG, added, “HFG is very pleased to be able to provide financing to this dynamic and growing company. Our understanding of the healthcare markets was instrumental in structuring this transaction. We appreciate Enzo’s confidence in us and we look forward to being Enzo’s financing partner for many years to come.”
New York, NY-based Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and therapeutics through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards.