Metabolon Enters into Debt Agreement with Innovatus Life Sciences and East West Bank
RESEARCH TRIANGLE PARK, N.C. – October 11, 2018 – Metabolon, Inc., the global leader in metabolomics, announced today that the company entered into a debt refinancing agreement with Innovatus Capital Partners, LLC (“Innovatus”) and East West Bank to provide a $30 million debt facility.
Metabolon will use the funds to pay off an existing term loan and fund laboratory expansion necessary to meet increased demand for metabolomic testing services.
“We are pleased to be working with Innovatus and East West Bank, who have significant expertise in healthcare and a strong presence in the life science space,” said Rohan Hastie, President and Chief Executive Officer of Metabolon.
“We are proud to support Metabolon in its pursuit of delivering the most comprehensive, highest-quality metabolomics data available, an essential component for gaining biological insight, discovering new biomarkers and drug targets, and helping advance science toward precision medicine,” said Claes Ekstrom, Managing Director of Innovatus.
Metabolomics is the study of small molecules called metabolites and is a powerful phenotyping technology for life sciences research, population health and precision medicine. It measures changes in metabolite levels and maps them to the appropriate biochemical pathways to give researchers and clinicians a better understanding of health and the influences of genes, microbiome, diet, lifestyle and drug treatment.
Metabolon’s Precision Metabolomics™ technology screens the largest, most diverse metabolite library in the industry and uses its proprietary software to deliver the most accurate and comprehensive metabolomics data available. This data is a cornerstone in precision medicine and is currently being used by clinicians and life sciences researchers to gain immediately actionable information and understand genomic and other ‘omic data.
Metabolon, Inc. is the world’s leading health technology company advancing metabolomics for precision medicine and all areas of life sciences research. Its Precision Metabolomics™ is a powerful, patented technology for assessing health and delivering biomarker discoveries, innovative diagnostic tests, and valuable data for genomics and population health initiatives. Metabolon’s expertise is also accelerating research and product development across the pharmaceutical, biotechnology, consumer products, agriculture and nutrition industries, as well as academic and government organizations. The company was founded in 2000 and is based in Research Triangle Park, North Carolina. For more information, please visit www.metabolon.com or follow us on LinkedIn or Twitter.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The Firm has a dedicated
team of life science investment professionals with deep experience in healthcare, including life sciences. Innovatus and its principals have significant experience providing debt financing to medical device, diagnostic and biotechnology companies that address unmet medical needs, improve patient outcomes and reduce overall healthcare expenditures. Further information can be found at innovatuscp.com.
About East West
East West Bancorp, Inc. is a publicly owned company with total assets of $38.1 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 130 locations worldwide, including in the United States markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. For more information on East West, visit the Company’s website at www.eastwestbank.com.
Cautionary Note about Forward-Looking Statements
The materials provided herein that are not historical facts are or might constitute projections and other forward-looking statements regarding future events that involve substantial risks, uncertainties and assumptions. If any of these risks or uncertainties materialize, or if any of these assumptions prove to be incorrect, Metabolon’s results could differ materially from the results expressed or implied by any forward-looking statements. The risks, uncertainties and assumptions referred to above include, but are not limited to: the uncertainties inherent in biochemical research and development; decisions by regulatory authorities regarding whether and when to approve diagnostic tests; the clinical utility of Metabolon’s metabolomic services; Metabolon’s and its distributors’ ability to successfully commercialize and market both new and existing products; governmental laws and regulations affecting health care, including access, pricing and reimbursement of diagnostic tests; the strength of Metabolon’s intellectual property portfolio; Metabolon’s history of operating losses; whether Metabolon is able to achieve or sustain profitability; its highly competitive industry; its ability to compete effectively; security and privacy risks; and Metabolon’s ability to continue to innovate and provide products and services that are useful to its clients, among other risks, uncertainties and assumptions.
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