OraSure Technologies, Inc. (NASDAQ:OSUR) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 – Termination of a Material Definitive Agreement.
On March 29, 2019, OraSure Technologies, Inc. (the “Company”) terminated a credit agreement (the “Credit Agreement”), dated as of September 30, 2016, with Wells Fargo Bank, National Association, as administrative agent (the “Agent”), and the lenders party thereto. The Credit Agreement provided for revolving extensions of credit in an initial aggregate amount of up to $10,000,000 (inclusive of a letter of credit subfacility of $2,500,000), with an option for the Company to request, prior to the second anniversary of the closing date, that existing or new lenders, at their election, provide up to $5,000,000 of additional revolving commitments. The Credit Agreement was terminated because of the Company’s strong cash position and the availability of alternative financing sources which, if needed, would be more suited to the Company’s business needs.
About OraSure Technologies, Inc. (NASDAQ:OSUR)
OraSure Technologies, Inc. (OraSure) is involved in the development, manufacture, marketing and sale of oral fluid diagnostic products and specimen collection devices using its technologies, as well as other diagnostic products, including immunoassays and other in vitro diagnostic tests that are used on other specimen types. The Company also manufactures and sells medical devices used for the removal of benign skin lesions by cryosurgery or freezing. Its diagnostic products include tests, such as OraQuick Rapid HIV Test, OraQuick In-Home HIV Test, OraQuick HIV Self-Test, OraQuick HCV Rapid Antibody Test, OraQuick Ebola Rapid Antigen Test, OraSure QuickFlu Rapid Flu A&B Test, OraSure Collection Device, Molecular Collection Systems, Cryosurgical Systems (Skin Lesion Removal Products), Immunoassay Tests and Reagents, Western blot HIV-1 Confirmatory Test and Q.E.D. Saliva Alcohol Test. Its products are sold in the United States and internationally to clinical laboratories and hospitals.
