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Tm Bioscience Secures $4M Credit Facility

NEW YORK (GenomeWeb News) - Tm Bioscience said today that it has negotiated a $4 million operating credit facility with Laurus Master Fund.
Tm said it plans to use the funds for general operating purposes while its board of directors completes its previously disclosed review of the company’s strategic alternatives, which include the sale or merger of the company.
As of Sept. 30, Tm had around $4.7 million in cash and cash equivalents.
Net funds available to the company through the credit facility after transaction costs are around $3.85 million.
The facility, which matures on Aug. 31, 2007, is secured by a charge over Tm's assets and carries an interest rate of 7 percent. 
The interest rate will decrease in relation to increases in the company's share price over the term of the facility to a minimum interest rate of 0 percent.
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