By Angela McDaniels
Seattle, Jan. 19 - Guava Technologies Inc. said it has obtained $10 million in financing from Hercules Technology Growth Capital Inc.
Guave has received $5.5 million of the financing, of which it will use $4 million to retire outstanding debt.
The remaining $4.5 million will come in the form of a secured, one-year credit line, according to a company news release.
"With the financing and line of credit, we will have access to an additional $6 million that we can use to manage our working capital needs," Guava chief executive officer Larry Bruder said in the release.
"This is particularly important as we continue to accelerate revenue growth through new product development programs, such as our new EasyCyte Mini and the Guava Express reagent line, and the expansion of our worldwide commercial operations."
"Guava's technology offers sensitivity, accuracy and a variety of applications but in a form that is ultra-compact, affordable, easy-to-operate and uses low sample volumes. In addition, Guava's technology generates 500 times less waste," Kathy Conte, managing director of Hercules, said in the release.
Guava Technologies is a privately held biotechnology and medical device company based in Hayward, Calf., that makes cell analysis systems.
Hercules Technology is based in Palo Alto, Calif., and provides debt and equity growth capital to technology and life science companies.
| Issuer: | Guava Technologies Inc.
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| Issue: | Private financing
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| Amount: | $10 million, including a $4.5 million line of credit
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| Investor: | Hercules Technology Growth Capital Inc.
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| Announcement date: | Jan. 19
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