Althea Technologies Secures $12 M Credit Line to Continue Facility Growth and Expansion
9.16.2008 Althea Technologies Secures $12 M Credit Line to Continue Facility Growth and Expansion
SAN DIEGO – September 16, 2008 – Althea Technologies, Inc., a leading provider of innovative technologies and services for pharmaceutical development and manufacturing, announced today that it has secured a new credit facility through City National Bank to provide for additional capital investment in its newly constructed cGMP manufacturing plant. Althea intends to begin offering commercial manufacturing services in the fourth quarter of this year.
“We are pleased to report the acquisition of this credit facility with City National Bank which will finance equipment for our recently constructed 30,000 SF cGMP commercial -scale manufacturing building and additional facilities expansion. With truly state-of-the-art equipment, significant production capacities for biotech drugs and filling of finished drug products at the 100,000 unit batch size, this will enable Althea to advance to the next level as a major contract manufacturer. We look forward to working closely with the City National Bank team and are pleased with the attention and emphasis they have invested to this relationship,” stated Dr. Magda Marquet, President and Co-CEO of Althea Technologies.
According to Gary Gilmore, Althea’s CFO, the credit facility provides for $12 million of working capital and equipment financing for the new facilities.
Stephen Cusato, senior vice president and manager of City National Bank’s Commercial Banking Services Office in San Diego, added, “We’re excited to offer the bank’s resources and our team’s expertise to support Althea’s expansion into commercial-scale manufacturing. We view this as the first step in a long-term relationship.”
About Althea Technologies, Inc.
Althea Technologies, a leading San Diego-based pharmaceutical services firm, provides critical manufacturing services that support researchers worldwide in their advancement of novel therapies and efforts to apply new genomic information. Althea’s services include cGMP contract manufacturing of recombinant proteins, DNA-based therapeutics and vaccines, and aseptic filling.
About City National Bank
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $16.3 billion in total assets, and provides banking, investment and trust services through 62 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its eight majority-owned investment affiliates manage or administer $53.5 billion in client investment assets, including $34 billion under direct management. For more information about City National, visit the company's website at www.cnb.com.