Full Press Release Details
CareDx Announces Full Repayment of its Outstanding Debt
Recent Equity Financing Leads to Strong, Debt-Free Balance Sheet
BRISBANE, Calif., November 26, 2018 (GLOBE NEWSWIRE) CareDx, Inc. (NASDAQ: CDNA), a molecular diagnostics company focused on the
discovery, development and commercialization of clinically differentiated, high-value diagnostic solutions for transplant patients, today announced that it prepaid in full its outstanding debt on November 20, 2018.
The prepaid debt, a $15 million term loan from Perceptive Advisors, was obtained on April 13, 2018, had an interest rate of 9.0% plus the greater of
LIBOR or 1.5%, an interest-only period of three years, and a maturity date of April 2023. In addition to the $15 million debt prepayment, the company also paid Perceptive Advisors a prepayment premium and an exit fee. Cash and cash equivalents
were approximately $62 million after the payments.
Full repayment of the term loan represents another important milestone in the continual
improvement of the company s balance sheet, commented Michael Bell, CareDx s Chief Financial Officer. Following the third quarter, where we reported both positive adjusted EBITDA and operating cash flow, and our recent
successful equity financing, we are now in a strong financial position to continue to drive revenue growth and to further fortify our position as the leading provider of genomics-based information in transplantation.
CareDx, Inc., headquartered in
Brisbane, California, is a molecular diagnostics company focused on the discovery, development and commercialization of clinically differentiated, high-value diagnostic solutions for transplant recipients. CareDx offers products along the pre- and post-transplant testing continuum.
For more information, please visit: www.CareDx.com.
Forward Looking Statements
This press release includes
forward-looking statements, including expectations regarding the Company s financial position, potential revenue growth, achievement of our financial and operational goals and our prospects. These forward-looking statements are based upon
information that is currently available to CareDx and its current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including general economic and market factors, among others discussed in
CareDx s filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed by CareDx with the SEC on March 22, 2018 and the periodic reports that
CareDx has subsequently filed with the SEC. Any of these may cause CareDx s actual results, performance or achievements to differ materially and adversely from those anticipated or implied by CareDx s forward-looking statements. CareDx
expressly disclaims any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.
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