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Orchid Secures $10M in Revolving Credit

NEW YORK, Dec. 27 - Orchid BioSciences said today it obtained a $10 million revolving line of credit based on accounts receivable.

 

The credit line is from Comerica, a bank based in Detroit.

 

Financial details of the agreement were not disclosed.

 

"This credit facility provides Orchid with a cost-effective, flexible resource to help us meet our working capital needs as we progress towards profitability in 2003," Andrew Savadelis, Orchid CFO, said in a statement.

 

Orchid had reported it had around $8.5 million in cash and cash equivalents, another $609,000 in short-term investments, and just over $1 million in restricted cash as of Sept. 30. In November, the company said it was selling off its Life Sciences business to focus its resources on gene profiling.

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