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GE Healthcare Financial Services Closes $3 Million Deal with Codon Devices


9/9/2008 6:34:48 AM

CHICAGO--(BUSINESS WIRE)--GE Healthcare Financial Services has provided a $3 million Senior Secured Credit Facility to Codon Devices, the Constructive Biology™ Company—a privately-held biotechnology firm delivering products and platform solutions based on synthetic biology to the chemical industry. The financing will be used for growth and other working capital needs.

“GE Healthcare Financial Services tailored a financing solution that augments the $44 million we have raised to date and enables us to accelerate our product development activities,” said Jason Ryan, Director of Finance at Codon Devices.

“GE is very pleased to have Codon as a new customer. By working closely with their talented management team, we were able to develop a complementary financing solution that will help the company facilitate its delivery of products and technologies to the market,” said Anthony Storino, Senior Managing Director, GE Healthcare Financial Services' life science finance group.

For almost two decades, the life science finance team of GE Healthcare Financial Services has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market.

About Codon Devices

Codon Devices is a privately-held biotechnology company that delivers clean-tech products and platform solutions to the chemical industry. Its proprietary synthetic biology platform, called BioLOGIC™, enables the company to develop bio-based products more rapidly and reliably than via traditional methods. Codon holds significant rights to intellectual property in the fields of synthetic biology and bioengineering, and invests strategically in R&D to maintain its technical leadership. The company's distinguished scientific advisory board comprises leaders in these fields, as well as in molecular biology, computational biology, and genetics. Investors include Flagship Ventures, Highland Capital Partners, Alloy Ventures, Kleiner Perkins Caufield Byers, and Khosla Ventures.

About GE Healthcare Financial Services

GE Healthcare Financial Services is the premier provider of capital, financial solutions, and related services for the global healthcare market. With approximately $22 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending, vendor programs, and acquisition financing. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit www.gehealthcarefinance.com.

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:

GE Healthcare Financial Services Jeanee Snipes 301-634-3210 jeanee.snipes@ge.com

Source: GE Healthcare Financial Services


Read at BioSpace.com

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