Press Releases
US LABS in the News
9/13/2004 12:00:00 AM - US LABS Receives $15 million line of credit from Comerica Bank
IRVINE, Calif., September 13, 2004: US LABS, the nation’s fastest-growing cancer diagnostic laboratory, announced today that it has received new equipment and revolving lines of credit from Comerica Bank’s Technology and Life Sciences Division totaling $15 million. The line of credit will ensure access to capital as may be required to support the company’s continued dramatic growth which has averaged over 40 percent per year for the last four years.
According to Judd Jessup, chief executive officer of US LABS, “While the profitability and positive cash flow of US LABS are quite sufficient to sustain the operations of the company, we continue to develop advanced technology tools to enhance our relationships with pathologists and hospitals throughout the U.S. This arrangement with Comerica Bank will assure we’re able to take advantage of significant opportunities as they arise through these new development efforts and sustained organic growth.”
US LABS is a privately held company with annualized net revenues of over $75 million. The company’s exceptional growth has been fueled by a unique commitment to partnership with community-based pathologists, and significant research and development in diagnostic and computer technology. Together these initiatives give US LABS a unique market position. Among the company’s recent developments in the field of cancer testing is Virtual Image, the first Internet-based, cellular-level imaging system for breast cancer, which brings leading-edge analytical tools to the computer of the community-based pathologist. Equipment investments that have placed the company at the forefront of cancer diagnostic and prognostic capability include a recent purchase of a laser capture microdissection system that allows users to isolate individual cells or groups of cells from tissue sections for analysis.
Bonnie Kehe, a senior vice president in Comerica’s Technology and Life Sciences Division, said, “As a financial services provider to the technology sector, we are pleased to provide this credit facility to US LABS, an anatomic pathology laboratory that provides cancer screening, diagnosis, prognosis and genetic analysis, with outreach to hospitals, physician offices, surgery centers, biopharmaceutical companies, and research institutions nationwide.”
About Comerica Bank's Technology and Life Sciences Division
Comerica's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast. Comerica is among the 20 largest banking companies in the nation, with $55 billion in total assets as of June 30, 2004.
About US LABS
Irvine-based US LABS is a national, anatomic pathology reference laboratory devoted to comprehensive, high quality, rapid response cancer testing. The company provides diagnostic, prognostic, and predictive cancer testing services to hospitals, physician offices and surgery centers.
US LABS news releases and other information can be found on the company’s web site at www.uslabs.net.
