GENMARK DIAGNOSTICS, INC. (NASDAQ:GNMK) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On June7, 2017, GenMark Diagnostics, Inc. (the Company) entered
into a fourth amendment (the Amendment) to its Loan and Security
Agreement (the Agreement) with Solar Senior Capital Ltd. (as
successor-in-interest to
General Electric Capital Corporation), and the financial
institutions that are or become parties to the Agreement as
lenders. to the Amendment, the parties to the Agreement adjusted
the date by which the Company must satisfy the funding
requirements in respect of Term Loan C (as defined in the
Agreement). In addition, the parties agreed to extend the
interest-only period in respect of amounts borrowed under the
Agreement until June15, 2017; provided that the Company may
extend the interest-only period until August1, 2017, and
subsequently to March1, 2018, subject in each case to the
satisfaction of certain conditions.
As previously
reported, on June9, 2017, the Company notified the Lenders of its
intent to borrow an additional $15,000,000 to the terms of the
Agreement (Term Loan C), following the Companys receipt of 510(k)
market clearance from the United States Food and Drug
Administration for its ePlex instrument and Respiratory Pathogen
(RP) Panel. The Company expects to receive the proceeds from Term
Loan C on June13, 2017.
The foregoing
description of the terms of the Amendment is qualified in its
entirety by reference to the text of such document, a copy of
which will be filed in accordance with the rules and regulations
of the Securities and Exchange Commission (the SEC), with
portions omitted and filed separately with the SEC to a request
for confidential treatment.
| Item2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information
included in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference into this Item 2.03.
About GENMARK DIAGNOSTICS, INC. (NASDAQ:GNMK)
GenMark Diagnostics, Inc. (GenMark) is a molecular diagnostics company. The Company focuses on developing and commercializing its eSensor detection technology. Its eSensor electrochemical technology detects multiple distinct biomarkers in a single sample. It sells its XT-8 instrument and related diagnostic and research tests (XT-8 system) in the United States. It has developed and intends to commercially launch its sample-to-answer ePlex instrument and its associated diagnostic tests, which it collectively refers to as its ePlex system, in Europe and the United States. It operates in the development, manufacturing, sales and support of instruments and molecular tests based on its eSensor detection technology segment. Over four of its diagnostic tests, which run on its XT-8 instrument, have received United States Food and Drug Administration clearance, including Cystic Fibrosis Genotyping Test, Warfarin Sensitivity Test, Thrombophilia Risk Test and Respiratory Viral Panel.
