iSpecimen Secures $1 Million Loan; Appoints Three New Board Members
WOBURN, Mass., Sept. 26, 2024 (GLOBE NEWSWIRE) — iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today that it has secured a $1 million loan agreement and subsequently appointed three new members to its Board of Directors.
On September 25, 2024, iSpecimen closed a $1 million loan agreement with a lender which carries an interest rate of 18% per annum and is payable within 12 months of issuance. The agreement obligates the lender to provide iSpecimen with a revolving line of credit of up to $1 million upon the Company’s initial filing of a Registration Statement for a public offering with gross proceeds of at least $5 million. Westpark Capital, Inc. served as placement agent.
As a condition for the loan, iSpecimen replaced three of five members of its Board of Directors with three new directors designated by the lender. These appointments follow the resignations of Steven Gullans, Theresa Mock, and Elizabeth A. Graham from the Board. Richard Paolone, a Toronto-based securities lawyer with leadership experience at public and private companies, joins the Board alongside Avtar Dhaliwal, a seasoned executive with leadership experience across multiple industries including renewable energy and food. The third new appointee, Katie Field, an experienced executive with a background in strategy consulting, will chair the board.
Tracy Curley, CEO and CFO of iSpecimen, commented on the developments, stating, “Securing this financing further strengthens our balance sheet and provides additional working capital to support our growth initiatives. I am also pleased to welcome Richard, Avtar and Katie to our Board, whose diverse expertise and leadership experience will be invaluable as we continue to expand our biospecimen marketplace platform and drive value for our shareholders. I would like to extend my heartfelt thanks to Steven, Theresa and Elizabeth for their guidance and meaningful contributions to iSpecimen. We’re incredibly excited about the opportunities that lie ahead and confident that iSpecimen is well-positioned for future success.”
About iSpecimen
iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens, connecting scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations. For more information, please visit www.ispecimen.com.
Forward Looking Statements
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For further information, please contact:
Investor Contact
KCSA Strategic Communications
Phil Carlson
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