Transgenomic Inc. secured an $8.0 million term and revolving credit facility from Third Security Senior Staff 2008, LLC Third Security Staff 2010 LLC and Third Security Incentive 2010 LLC (collectively the “Third Security Investors”) which are entities affiliated with Third Security, a ife sciences investment firm. Proceeds from the facility will be used to refinance the company’s outstanding debt with Forest Laboratories and to help fund working capital requirements.

The facility consists of a $4.0 million term loan and a revolving credit line that will have up to $4.0 million available for draw against eligible accounts receivable. The 42-month term loan is structured to have an interest-only period until January 2014 followed by a 33-month amortization period. The revolving credit line also has a 42-month duration. The new line of credit combined with the $8.3 million raised in its recent private placement of common stock provides the Company with substantial capital to continue building its presence as a leading personalized medicine company.

“The $8.0 million facility provides us with a non-dilutive vehicle to repay our existing debt and also provides additional growth capital at attractive terms” said Mark P. Colonnese, executive vice president and chief financial officer. “This facility is another tangible show of support from Third Security who has been a knowledgeable and helpful partner with the Company for several years. With our current cash position this increased credit capacity and our market presence we are well positioned to execute further on our strategic growth plan.”

Transgenomic Inc. is a global biotechnology company advancing personalized medicine in cardiology oncology and inherited diseases through its proprietary molecular technologies and world-class clinical and research services.