A Medical Device Daily
Cerus (Concord, California) reported that it has obtained a $10 million senior revolving line of credit from Wells Fargo Bank.
Terms of the credit facility allow Cerus to draw down funds as needed for working capital and general corporate purposes. Interest is payable monthly at Cerus' option either at the bank's prime rate or LIBOR plus 2.00% on any outstanding balance. Principal is to be repaid by Cerus at the end of a one year term if the credit facility is not extended. The revolving credit facility is secured by the company's assets.
"We are pleased to have put in place a non-dilutive credit facility on attractive terms with Wells Fargo Bank," said William Dawson, VP, finance and CFO of Cerus. "We believe this credit facility will serve us well as our commercial business expands and working capital needs grow."
Cerus is a biomedical products company focused on commercializing the Intercept Blood System to enhance blood safety. The system is designed to inactivate blood-borne pathogens in donated blood components intended for transfusion.
The company currently markets Intercept for both platelets and plasma in Europe and the Middle East. It also is pursuing regulatory approvals in the U.S. and other countries. The Intercept red blood cell system is currently in clinical development.