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Genaissance Takes Out $4.5M Credit-Equity Note

NEW YORK, April 22 (GenomeWeb News) - Genaissance Pharmaceuticals has refinanced an existing $2.5 million loan by negotiating a $4.5 million credit-and-equity agreement with New York-based Xmark Funds, a private-equity firm, the company said today.

Genaissance will use the loan to retire the remaining debt on the $2.5-million term loan with Comerica Bank, the company said. Genaissance will use the remaining funds for working capital. The new facility bears a 5-percent interest and is due in full on April 21, 2007, or earlier, depending on Genaissance's liquidity.

Under terms of the agreement with Xmark, Genaissance issued the firm warrants for 2 million shares of common stock at $2.25 apiece. Genaissance closed at $1.24 per share at the close of trading yesterday.

The Scan

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