By Lisa Kerner
Charlotte, N.C., Oct. 3 - Monogram Biosciences, Inc. obtained a line of credit from Merrill Lynch Capital to finance working capital, including accounts receivable.
Interest is at Libor plus 475 basis points.
"While the amount available based on our current accounts receivable is approximately $5 million, as we develop our business in both HIV and oncology, the line allows for maximum borrowings of $10 million," chief financial officer Alfred G. Merriweather said in a company news release.
The agreement term expires in March 2010, and the credit line is secured by accounts receivable and other intangible company assets.
Monogram is a South San Francisco, Calif., pharmaceutical company specializing in products for the treatment of infectious diseases and cancer.
Borrower: | Monogram Biosciences Inc.
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Issue: | Credit line
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Amount: | $10 million
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Maturity: | March 2010
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Interest: | Libor plus 475 basis points
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Lender: | Merrill Lynch Capital
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Announcement date: | Oct. 3
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