LOWELL, Mass., July 08, 2015 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, a leading provider of automated, non-destructive, rapid microbial detection, today announced the closing of its $16 million term loan facility with Solar Capital and $3 million revolving credit facility with Comerica Bank. The financing will provide Rapid Micro Biosystems working capital to support the continued global commercialization of its industry leading technology.
Rapid Micro Biosystems’ Growth Direct™ System detects contamination earlier, delivering compelling economic benefits to pharmaceutical, medical device, personal care and contract manufacturers while improving their microbial quality process. In use by some of the largest companies in the industry, the Growth Direct System is the first and only automated technology that addresses all key microbial quality control applications and fits with current regulatory practices, a critical accelerator for adoption.
"The successful completion of this credit facility provides us additional flexibility to invest in new opportunities,” said Robert Spignesi, CEO of Rapid Micro Biosystems. “Our capital partnerships with Solar Capital and Comerica enhances our ability to accelerate our global expansion.”
“Rapid Micro Biosystems offers a unique value proposition to the markets they serve,” said Anthony Storino, head of life science lending at Solar Capital. “We are pleased to partner with the organization during a time of rapid growth.”
About Rapid Micro Biosystems
Rapid Micro Biosystems delivers the Growth Direct™ System, an automated, non-destructive rapid detection and enumeration technology based on the compendial method for microbial quality control in pharmaceutical manufacturing. The system automates and accelerates detection and enumeration in the areas of sterility testing, environmental monitoring, and bioburden testing, eliminating manual steps and analysis. The detection technology, first developed and patented by Dr. Don Straus, Ph.D., uses the natural auto-fluorescence of microbes and requires no reagents. For more information about Rapid Micro Biosystems visit www.rapidmicrobio.com
About Solar Capital
Solar Capital Partners, the investment advisor to Solar Capital Ltd., Solar Senior Capital Ltd. and other affiliated funds, primarily invests in leveraged, middle market companies in the form of senior secured loans, unitranche loans, mezzanine loans, and equity securities. As of March 31, 2015, Solar Capital Partners has invested approximately $4.7 billion in more than 190 different portfolio companies since it was founded in 2006 and has completed transactions with more than 120 different financial sponsors and venture capital firms.
Solar Capital’s life science lending segment provides financing solutions for bio-pharma, medical device, healthcare IT and healthcare services companies, both venture-backed private and public, and from pre-revenue clinical to early commercial stage.
About Comerica Bank
About Comerica Bank’s Technology and Life Sciences Division
Comerica Bank’s Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, California as an office in Toronto, Canada. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE:CMA), a financial services company that is among the 25 largest U.S. banking companies. Comerica reported total assets of $69.3 billion at March 31, 2015. For more information, visit www.comerica.com.
Source: Rapid Micro Biosystems