GE Capital’s Healthcare Financial Services business has served as
administrative agent on a senior secured credit facility of up to $40
million for GenMark Diagnostics, Inc. (NASDAQ:GNMK), 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.
Based in Carlsbad, CA, 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.”
About GenMark Diagnostics, Inc.
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. Utilizing GenMark’s
proprietary eSensor® detection technology, GenMark’s eSensor®
XT-8 system is designed to support a broad range of molecular diagnostic
tests with a compact, easy-to-use workstation and self-contained,
disposable test cartridges. The eSensor® detection technology
is also incorporated into GenMark’s sample-to-answer system, ePlex™. For
more information, visit www.genmarkdx.com.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one of the
most active sources of capital in the U.S. healthcare market, providing
more than $10.5 billion in financing across more than 240 transactions
in 2014.
Customers across 45 healthcare sectors — including senior housing,
hospitals, medical offices, outpatient services, pharmaceuticals and
medical devices — rely on HFS to finance acquisitions, refinance
existing debt, support working capital needs and fund growth
initiatives. With in-depth industry knowledge and expertise, the HFS
team of professionals creates financial solutions tailored to meet the
individual needs of its customers. For more information, visit
gecapital.com/healthcare or follow company news via Twitter (http://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (http://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Copyright Business Wire 2015