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Article: Orchid Obtains $10 Million Credit Facility From Comerica.
- Article from:
- PR Newswire
- Article date:
- December 27, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Orchid BioSciences, Inc. today announced that it has obtained a $10 million credit facility from Comerica , a leading financial services company. The credit facility is to be used for working capital and is composed of a $10 million revolving line of credit based on accounts receivable.
"We are pleased to establish this banking relationship with Comerica, a respected financial institution that understands the growth opportunities of our genoprofiling services business," said Andrew P. Savadelis, chief financial officer and senior vice president, finance of Orchid. "This credit facility provides Orchid with a cost-effective, flexible resource to help us meet ...