Press Releases
US LABS in the News
8/29/2001 12:00:00 AM - US Labs completes $9.5 million in equity and debt funding to support rapid growth.
Date: August 29, 2001
IRVINE, CA – US LABS, Inc., a leading provider of cancer diagnostic services, announced today it has completed a follow-on venture capital financing of $4.5 million and secured a $5 million credit facility to fund its continued growth.
The funds will be used for working capital to support the company’s growth plans, including expansion of its genetics-based business, which provides critical diagnostic information to cancer patients and their doctors. US LABS raised $4.5 million in venture capital equity in a financing led by Highland Capital Partners of Boston, Massachusetts, Accel Partners of Palo Alto, California and Sage Venture Partners, located in Southern California participated in the financing round
Heller Healthcare Finance, Inc. and US LABS completed a $5 million Senior Credit Agreement to provide additional working capital required to support the company’s growth. According to Michael Danzi, Chairman and CEO of US LABS, "These financings demonstrate that venture capital and credit are available in today’s market. This is among the first commercial applications of the Human Genome Project, and we are excited about the advances in genetics and their application to cancer diagnostics. Our company is well positioned in our market and now we have the resources to continue to maintain the rapid response service levels our customers need."
Irvine-based US LABS is a national, diversified health care cancer diagnostic services company devoted to comprehensive, high quality, rapid response cancer testing. The company provides national screening, diagnostic and prognostic cancer testing services to hospitals, physician offices, surgery centers, biopharmaceutical companies and research institutions. US LABS serves doctors and patients throughout the United States from its laboratories in Irvine, Los Angeles and San Diego.
For additional information about US LABS, contact Dennis E. Walsh, VP Sales and Marketing at 949-450-0145. E-mail: dwalsh@uslabs.net.
