BroadOak Capital Partners provided a senior term loan to refinance debt held by Interpace’s private equity stockholders, Ampersand Capital and 1315 Capital. Interpace Biosciences is an emerging leader in enabling personalized medicine, offering specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications.
The full press release is below.
Interpace Biosciences Announces New $8 Million Term Loan with BroadOak Capital Partners and Repayment of Private Equity Loans
PARSIPPANY, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) — Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced that it, along with its subsidiaries, has entered into a new $8 million term loan with BroadOak Fund V, L.P. (“BroadOak”) (the “BroadOak Loan”). The proceeds of the BroadOak Loan were used primarily to repay principal and interest on the $7.5 million short-term promissory notes due to the Company’s two private equity stockholders, Ampersand 2018 Limited Partnership (“Ampersand”) and 1315 Capital II, L.P. (“1315 Capital”). The BroadOak Loan was designed to extend the Company’s debt structure and increase operating flexibility. In combination with the recently announced $7.5 million revolving credit facility with Comerica Bank, the Company believes it has significantly improved its liquidity without equity dilution to shareholders.
Thomas Burnell, CEO of Interpace, commented: “We are extremely pleased that BroadOak, an investment and investment banking firm specializing in life sciences, has recognized the Company’s value and prospects and has shown confidence in the Company’s business growth strategy. We are most grateful to Ampersand and 1315 Capital, our two largest stockholders, for their continued support of the Company demonstrated by their willingness to provide short-term bridge financing.”
Bill Snider, Partner of BroadOak, added: “We are very excited to partner with Interpace and recognize the Company’s continued turnaround efforts and path towards profitability. We are delighted to extend the short-term financing previously provided to the Company by Ampersand and 1315 Capital.”
The BroadOak Loan has a maturity of three years. The BroadOak Loan is secured by a security interest in substantially all of Interpace’s and its subsidiaries’ assets and is subordinate to the Company’s recently established $7.5 million revolving credit facility with Comerica Bank. The BroadOak Loan has additional terms which will be outlined in the Company’s Form 8-K when filed.
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