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Warnex Inks New Credit Facility with Persistence Capital

NEW YORK (GenomeWeb News) – Warnex today said that it has signed a new credit facility with Persistence Capital Partners, replacing an existing credit facility with Accord Financial.

The new facility provides Warnex with up to C$1.25 million (US$1.23 million) in available funds with an interest rate of 19.75 percent. Warnex said that the new agreement provides it with "substantially greater operational flexibility" than its agreement with Accord, which was signed in late April, around the time it completed the sale of its Analytical Services division to Neopharm Labs. Warnex had used the facility from Accord to repay the entirety of the C$975,947 in principal amount of debentures held by Persistence Capital.

"Warnex appreciates the continued and long-term support of PCP that now provides the financial stability necessary for us to concentrate exclusively on our core Bioanalytical Services business," Warnex Chairman Michael Singer said in a statement.

The Laval, Quebec-based firm also said that Mattie Chinks has advised the board that he is stepping down as a director of the company.

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