TearLab Announces $35 Million Term Loan Agreement With CRG
05 Mars 2015 - 2:00PM
TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the
"Company") today announced that it has entered into a term loan
agreement (the "Agreement") with CRG and certain of its affiliate
funds. The Agreement provides TearLab with up to $35 million of
available borrowing capacity.
Under the terms of the Agreement, CRG will initially provide $15
million. Up to $20 million of additional funding will be available
to TearLab, at its option, through September 2016, subject to the
satisfaction of certain revenue milestones and other borrowing
conditions. The Agreement has a term of six years and bears
interest at 13% per annum, with quarterly, interest-only payments
for the first four years. At the Company's option, during the first
four years a portion of the interest payments may be compounded and
paid together with the principal in the fifth and sixth years.
"When looking for the right strategic financing partner, it was
important to balance the exciting growth opportunity that we see
ahead of us with our capital needs and our commitment to maximizing
shareholder value," commented Elias Vamvakas, TearLab's Chief
Executive Officer. "We were impressed with CRG's ability to tailor
a financing structure without common stock or warrants, providing
us with the necessary resources to continue executing our growth
strategy under attractive, non-dilutive terms. CRG's breadth of
healthcare experience, deep knowledge of our business, and
long-term outlook convinced us that they were the right partner for
TearLab."
"This transaction highlights our focus on providing innovative
commercial-stage healthcare companies with flexible financing
solutions," said Charles Tate, Chairman of CRG. "TearLab is a
pioneer in bringing simple, easy to use and objective point-of-care
diagnostics to the eye care space and we are excited about its
significant, long-term growth potential."
About TearLab Corporation
TearLab Corporation (www.tearlab.com) develops and markets
lab-on-a-chip technologies that enable eye care practitioners to
improve standard of care by objectively and quantitatively testing
for disease markers in tears at the point-of-care. The TearLab®
Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay
developed for the award-winning TearLab Osmolarity System.
Headquartered in San Diego, CA, TearLab Corporation's common shares
trade on the NASDAQ Capital Market under the symbol 'TEAR' and on
the Toronto Stock Exchange under the symbol 'TLB'.
About CRG
Founded in 2003, CRG (previously known as Capital Royalty L.P.)
is a healthcare-focused investment firm with over $2 billion of
assets under management that provides capital to healthcare
companies primarily through structured debt and senior secured
loans. CRG works across the spectrum of life science products and
technologies and targets investment sizes ranging between $20
million and $200 million. The firm partners with commercial-stage
healthcare companies to provide flexible financing solutions so
they can achieve their growth objectives. CRG is headquartered in
Houston, Texas with offices in Boulder, Colorado and New York City.
For additional information, please visit www.crglp.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These
statements relate to future events and are subject to risks,
uncertainties and assumptions about TearLab. Examples of
forward-looking statements in this press release include statements
regarding the future potential of TearLab's ability to use our
available borrowing capacity to grow our core business and add
value to our shareholders and the related impact on our sales.
These statements are only predictions based on our current
expectations and projections about future events. You should not
place undue reliance on these statements. Actual events or results
may differ materially. Many factors may cause our actual results to
differ materially from any forward-looking statement, including the
factors detailed in our filings with the Securities and Exchange
Commission and Canadian securities regulatory authorities,
including but not limited to our annual and quarterly reports on
Forms 10-K and 10-Q. We do not undertake to update any
forward-looking statements.
CONTACT: TearLab
Stephen Kilmer
(647) 872-4849
skilmer@tearlab.com
CRG
David Carter
(713) 209-7357
dcarter@crglp.com
Talbots (NYSE:TLB)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Talbots (NYSE:TLB)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024