NEW YORK (GenomeWeb) – Expedeon announced today that it has secured a £5 million ($6.5 million) debt facility from Boost & Co., providing it access to alternative non-dilutive means of financing its rapid growth plans.
Previously known as Sygnis, the Heidelberg, Germany-based company offers multiple products such as lateral flow assays, nucleic acid amplification kits, and immunoreagents for molecular biology, protein research, cell biology, and immunology.
"Through successful execution of our innovation-driven 'Grow, Buy, and Build' strategy aimed at delivering sustained organic growth, Expedeon is now going through a strong growth phase," Expedeon CEO and CSO Heikki Lanckriet said in a statement. "As Expedeon is moving into profitability and cash generation, other sources of growth finance are becoming available,"
The firm completed its acquisition of Australian reagent maker TGR Biosciences in May, and anticipates € million ($15.2 million) to €14 million in full-year 2018 revenue.