Gemino Healthcare Finance provides $8 million to Clarient, Inc.
PHILADELPHIA - Gemino Healthcare Finance has provided $8 million in financing to Clarient, Inc. Clarient, headquartered in Aliso Viejo, California, is a leading provider of cancer diagnostic testing serving pathologists, oncologists and the pharmaceutical industry.
Mike Gervais, Gemino's CEO, said, "Clarient's success in cancer diagnostics has been through the dedication and support of the experienced management team and employees. We are excited to have closed this transaction with Clarient, and we look forward to continuing to provide them with the resources they need to achieve their goals."
The senior secured revolving line of credit will be used pay down previous debt and to supply additional working capital to Clarient's operations.
"This financing is one of the steps in our capital structuring process geared to establish a solid capital foundation to support the continued growth of our cancer services business," said Ron Andrews, Clarient's Chief Executive Officer. "We are pleased to be able to partner with a company like Gemino which has a strong understanding of the healthcare industry."
Clarient combines innovative technologies with world class expertise to assess and characterize cancer. Clarient's mission is to provide the services, resources and critical information to improve the quality and reduce the cost of patient care as well as accelerating the drug development process. The Company's principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies. The rise of individualized medicine as the new direction in oncology has created the need for a centralized resource providing leading diagnostic technologies such as flow cytometry and molecular testing. Clarient is that resource, having created a state-of-the-art commercial cancer laboratory providing the most advanced oncology testing and drug development services available both onsite and over the web. Clarient is a Safeguard Scientifics, Inc. partner. www.clarientinc.com