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Guava Technologies Secures $10M Debt Financing from Hercules

NEW YORK, Jan. 19 (GenomeWeb News) - Guava Technologies has closed a $5.5-million secured debt financing and an additional one-year credit line of $4.5 million from Palo-Alto based specialty finance provider Hercules Technology, Guava said today.

 

Guava will use $4 million of the financing to retire previous debt, the company said in a statement.

 

CEO Larry Bruder said the remaining $6 million line of credit will be useful to the company "as we continue to accelerate revenue growth through new product development programs such as our new EasyCyte Mini and the Guava Express reagent line."

 

As GenomeWeb News reported in November 2005, Guava raised $7 million in private equity and forecast positive cash flows "within 12 months."

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