iSpecimen Secures $1 Million Loan; Appoints Three New Board Members
iSpecimen Inc. (Nasdaq: ISPC) has secured a $1 million loan agreement with an 18% annual interest rate, payable within 12 months. The lender will provide a revolving line of credit up to $1 million upon iSpecimen's initial filing of a Registration Statement for a public offering with gross proceeds of at least $5 million. Westpark Capital, Inc. served as placement agent.
As a condition of the loan, iSpecimen appointed three new Board members: Richard Paolone, Avtar Dhaliwal, and Katie Field, replacing Steven Gullans, Theresa Mock, and Elizabeth A. Graham. Tracy Curley, CEO and CFO, expressed optimism about the financing strengthening the company's balance sheet and the new board members' expertise supporting growth initiatives.
iSpecimen Inc. (Nasdaq: ISPC) ha ottenuto un prestito di 1 milione di dollari con un tasso di interesse annuale del 18%, da rimborsare entro 12 mesi. Il finanziatore fornirà una linea di credito revolving fino a 1 milione di dollari al momento della presentazione iniziale da parte di iSpecimen di una Dichiarazione di Registrazione per un'offerta pubblica con introiti lordi di almeno 5 milioni di dollari. Westpark Capital, Inc. ha svolto il ruolo di agente di collocamento.
Come condizione per il prestito, iSpecimen ha nominato tre nuovi membri del Consiglio: Richard Paolone, Avtar Dhaliwal e Katie Field, sostituendo Steven Gullans, Theresa Mock ed Elizabeth A. Graham. Tracy Curley, CEO e CFO, ha espresso ottimismo riguardo al finanziamento che rafforzerà il bilancio dell'azienda e all'esperienza dei nuovi membri del consiglio che supporterà le iniziative di crescita.
iSpecimen Inc. (Nasdaq: ISPC) ha asegurado un préstamo de 1 millón de dólares con una tasa de interés anual del 18%, a pagar en un plazo de 12 meses. El prestamista proporcionará una línea de crédito rotativa de hasta 1 millón de dólares tras la presentación inicial de iSpecimen de una Declaración de Registro para una oferta pública con ingresos brutos de al menos 5 millones de dólares. Westpark Capital, Inc. actuó como agente de colocación.
Como condición del préstamo, iSpecimen designó a tres nuevos miembros de la Junta: Richard Paolone, Avtar Dhaliwal y Katie Field, reemplazando a Steven Gullans, Theresa Mock y Elizabeth A. Graham. Tracy Curley, CEO y CFO, expresó optimismo acerca de que la financiación fortalecerá el balance de la empresa y que la experiencia de los nuevos miembros de la junta apoyará las iniciativas de crecimiento.
iSpecimen Inc. (Nasdaq: ISPC)는 100만 달러 대출 계약을 체결했으며, 연 18%의 이자율을 적용하고 12개월 이내에 상환해야 합니다. 대출자는 iSpecimen이 최소 500만 달러의 총 수익을 목표로 하는 공모신청서를 처음 제출할 때까지 최대 100만 달러의 회전 신용 한도를 제공할 것입니다. Westpark Capital, Inc.는 배치 에이전트 역할을 수행했습니다.
대출 조건으로 iSpecimen은 신규 이사 3명을 임명했습니다: Richard Paolone, Avtar Dhaliwal, Katie Field가 Steven Gullans, Theresa Mock, Elizabeth A. Graham을 대체하게 됩니다. Tracy Curley CEO 겸 CFO는 이 자금 조달이 회사의 재무 상태를 강화하고 새로운 이사들의 전문성이 성장 이니셔티브를 지원할 것이라는 긍정적인 의견을 표명했습니다.
iSpecimen Inc. (Nasdaq: ISPC) a sécurisé un accord de prêt de 1 million de dollars à un taux d'intérêt annuel de 18%, remboursable dans les 12 mois. Le prêteur fournira une ligne de crédit renouvelable allant jusqu'à 1 million de dollars lorsque iSpecimen soumettra pour la première fois une Déclaration d'Enregistrement pour une offre publique avec des produits bruts d'au moins 5 millions de dollars. Westpark Capital, Inc. a agi en tant qu'agent de placement.
Comme condition du prêt, iSpecimen a nommé trois nouveaux membres du Conseil: Richard Paolone, Avtar Dhaliwal et Katie Field, remplaçant Steven Gullans, Theresa Mock et Elizabeth A. Graham. Tracy Curley, PDG et CFO, a exprimé son optimisme quant au financement qui renforcera le bilan de l'entreprise et à l'expertise des nouveaux membres du conseil qui soutiendra les initiatives de croissance.
iSpecimen Inc. (Nasdaq: ISPC) hat ein Darlehensabkommen über 1 Million Dollar mit einem jährlichen Zinssatz von 18% gesichert, das innerhalb von 12 Monaten zurückgezahlt werden muss. Der Kreditgeber wird eine revolvierende Kreditlinie von bis zu 1 Million Dollar bereitstellen, sobald iSpecimen erstmals eine Registrierungsmitteilung für ein öffentliches Angebot mit einem Bruttoertrag von mindestens 5 Millionen Dollar einreicht. Westpark Capital, Inc. diente als Platzierungsagent.
Als Bedingung für das Darlehen hat iSpecimen drei neue Vorstandsmitglieder ernannt: Richard Paolone, Avtar Dhaliwal und Katie Field, die Steven Gullans, Theresa Mock und Elizabeth A. Graham ersetzen. Tracy Curley, CEO und CFO, äußerte sich optimistisch über die Finanzierung, die die Bilanz des Unternehmens stärken wird, und über die Expertise der neuen Vorstandsmitglieder, die die Wachstumsinitiativen unterstützen wird.
- Secured $1 million loan agreement to strengthen balance sheet
- Potential access to additional $1 million revolving line of credit
- Appointment of three new board members with diverse expertise
- High interest rate of 18% per annum on the loan
- Short-term loan payable within 12 months
- Significant board restructuring as a condition of the loan
WOBURN, Mass., Sept. 26, 2024 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today that it has secured a
On September 25, 2024, iSpecimen closed a
As a condition for the loan, iSpecimen replaced three of five members of its Board of Directors with three new directors designated by the lender. These appointments follow the resignations of Steven Gullans, Theresa Mock, and Elizabeth A. Graham from the Board. Richard Paolone, a Toronto-based securities lawyer with leadership experience at public and private companies, joins the Board alongside Avtar Dhaliwal, a seasoned executive with leadership experience across multiple industries including renewable energy and food. The third new appointee, Katie Field, an experienced executive with a background in strategy consulting, will chair the board.
Tracy Curley, CEO and CFO of iSpecimen, commented on the developments, stating, “Securing this financing further strengthens our balance sheet and provides additional working capital to support our growth initiatives. I am also pleased to welcome Richard, Avtar and Katie to our Board, whose diverse expertise and leadership experience will be invaluable as we continue to expand our biospecimen marketplace platform and drive value for our shareholders. I would like to extend my heartfelt thanks to Steven, Theresa and Elizabeth for their guidance and meaningful contributions to iSpecimen. We're incredibly excited about the opportunities that lie ahead and confident that iSpecimen is well-positioned for future success.”
About iSpecimen
iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens, connecting scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations. For more information, please visit www.ispecimen.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.
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For further information, please contact:
Investor Contact
KCSA Strategic Communications
Phil Carlson
iSpecimen@kcsa.com
FAQ
What is the interest rate and term of iSpecimen's (ISPC) new $1 million loan?
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Who served as the placement agent for iSpecimen's (ISPC) $1 million loan agreement?
