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news.Third Wave Technologies has secured a five-year, $25 million line of credit with Deerfield Management, a health care investment fund.
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The company said that the credit facility is available to provide with additional capital as Third Wave executes its plan for leadership in the human papillomavirus (HPV) and hospital laboratory markets.
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.
Kevin Conroy, president and CEO of Third Wave, said: “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. 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.”