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Luminex Extends Credit Facility with JP Morgan Chase Through Early 2009

NEW YORK (GenomeWeb News) – Luminex has extended a credit agreement with JP Morgan Chase Bank from last year through February 26, 2009, and has increased the tangible net worth Luminex must maintain to $35 million, according to a filing with the US Securities and Exchange Commission.
The agreement extends a credit facility entered into in March 2007, under which the company may borrow up to $15 million.
As GenomeWeb Daily News reported on May 8, in its first quarter of 2008 the Austin, Texas-based company saw a 36 percent increase in consumable revenues year over year, but it posted an increased net loss on higher selling, general, and administrative costs and R&D spending.
During the first quarter, the company received clearance from the US Food and Drug Administration for its xTAG respiratory virus panel, which was launched in the US in early January.

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