Skip to main content
Premium Trial:

Request an Annual Quote

Response Secures $12M Credit Facility

NEW YORK (GenomeWeb) – Response Genetics and SWK Funding today announced a credit agreement to provide Response with a term loan of up to $12 million.

Response has drawn the first tranche of $8.5 million of the new credit facility. A second tranche is conditional on the Los Angeles-based molecular diagnostics firm achieving a certain revenue milestone.

In a statement, Response Chairman and CEO Thomas Bologna said the proceeds from the financing will go toward growth initiatives including the commercialization of the newly launched ResponseDX: Tissue of Origin test, which the company acquired through its purchase last year of certain assets of Pathwork Diagnostics; its technical component/professional component testing service, in which Response processes a patient's sample while a pathologist interprets the results; and the Comprehensive Lung Profile service, which incorporates next-generation sequencing with fluorescence in situ hybridization and RNA biomarkers.

In connection with the closing of the first tranche, Response issued to SWK Funding, a wholly owned subsidiary of SWK Holding, a warrant to purchase an aggregate of 681,090 shares of common stock at an exercise price of $.936 per share. The loan matures on July 29, 2020, and accrues interest at an annual rate of 12.5 percent plus the Libor Rate.

The Scan

WHO Seeks Booster Pause

According to CNN, the World Health Organization is calling for a moratorium on administering SARS-CoV-2 vaccine boosters until more of the world has received initial doses.

For Those Long Legs

With its genome sequence and subsequent RNAi analyses, researchers have examined the genes that give long legs to daddy longlegs, New Scientist says.

September Plans

The New York Times reports that the US Food and Drug Administration is aiming for early September for full approval of the Pfizer-BioNTech SARS-CoV-2 vaccine.

Nucleic Acids Research Papers on Targeting DNA Damage Response, TSMiner, VarSAn

In Nucleic Acids Research this week: genetic changes affecting DNA damage response inhibitor response, "time-series miner" approach, and more.