10 Dec Third Wave secures $25 million line of credit
Madison, Wis. – Third Wave Technologies has secured a five-year, $25 million line of credit with the healthcare investment fund Deerfield Management, one of Third Wave’s largest shareholders.
The credit facility is being made available to provide Third Wave with additional capital as it executes its plan for leadership in the human papilloma virus and hospital laboratory markets.
Under the terms of the credit facility, if Third Wave elects to borrow money, the line of credit will bear interest at 7.75 percent annually. In addition, Third Wave has issued to Deerfield a five-year warrant to purchase 1.815 million shares of Third Wave stock at $8.36 a share.
The Madison-based biotechnology company develops and markets molecular diagnostic products for clinical testing.
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