Healthcare Finance Group provided an $8 million senior secured revolving line of credit facility that may be increased to $12 million to Enzo Biochem, Inc. (Enzo) for working capital and growth purposes. The new secured revolving line of credit will provide for advances against eligible receivables, as defined, of Enzo's Clinical Labs and Life Sciences segments.
Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and therapeutics through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products systems and services that meet the ever-changing and rapidly growing needs of health care both today and into the future. Underpinning Enzo Biochem's products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies.
Barry Weiner, president of Enzo, commented, " Enzo, as an integrated life sciences product and platform developer and provider of clinical services, is heavily involved in developing technologies to meet the new healthcare paradigms, from cutting edge diagnostics, to treatment, to drug product development. This financing is designed to provide our Company with growth capital in a non-dilutive manner. HFG has spent time developing a deep understanding of our business, and together we have structured a financing that will help us meet our goals."
Claudia Gourdon, senior vice president and national marketing manager of HFG said, "HFG is very pleased to be able to provide this financing to such a dynamic and growing company. Our understanding of the healthcare markets facilitated our ability to be creative in structuring this transaction. We appreciate Enzo's confidence in us and we look forward to being Enzo's financing partner for many years to come."
Enzo Biochem was founded in 1976 and engages in the research, development, manufacture and marketing of advanced diagnostic and research products and services. The company offers routine and esoteric clinical laboratory assays to physicians and their patients in their service area region. Additionally, Enzo manufactures, develops, and markets over 30,000 products and systems to life sciences, drug development and clinical research customers globally. Enzo is also engaged in the development of therapeutic drug platforms and products with applications in the areas of gastrointestinal, infectious, ophthalmic and metabolic diseases.
HFG is a specialty lender dedicated exclusively to providing secured debt financing to healthcare companies. HFG strives to custom-tailor its products to meet the specific needs of its clients. HFG is headquartered in New York City and has new business offices throughout the U.S.