Third Wave Technologies gets new financing

WisBusiness.com

Third Wave Technologies Inc. (NASDAQ: TWTI) has secured a five-year, $25-million line of credit with Deerfield Management, a leading health care investment fund. The credit facility is available to provide Third Wave with additional capital as it executes its plan for leadership in the HPV and hospital laboratory markets.

“This facility gives Third Wave additional flexibility to execute on our growth strategy and accelerate our plan to become the market leader in HPV testing,” said Kevin T. Conroy, president and chief executive of Third Wave. “We are very pleased with the confidence expressed in Third Wave by Deerfield, one of our largest shareholders, through its provision of this credit facility to the company.”

Should Third Wave elect to borrow funds, amounts outstanding under the line of credit will bear interest at 7.75 percent per annum. A 2 percent per annum non-usage fee will be assessed on the undrawn amount. In consideration for providing the credit facility, Third Wave has issued to Deerfield a five-year warrant to purchase 1.815 million shares of Third Wave stock at $8.36 a share.