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Print Edition StoriesThursday, July 3, 2008
Microfluidics growing globally with $2.5M loan
By Mass High Tech Staff
Microfluidics International Corp., a Newton provider of processing materials and equipment, reports it has obtained a $2.5 million line of credit from Silicon Valley Bank.
Microfluidics (OTC: MFIC) said the multi-year, revolving line of credit is intended to provide working capital and to support its international growth. The line of credit replaces previous financing and is expected to fund operational needs in fiscal 2008, company CFO Brian LeClair said in a statement.
According to CEO Michael Ferrara the company plans to use the credit line to support international initiatives such as the launch of new products, increase of sales and distribution and marketing.
With 52 workers, Microfluidics provides processing materials and formulation equipment for the biotech, pharmaceutical, chemical, cosmetics and food industries. The firm reported 2007 net income of $1.5 million on revenue of nearly $13 million.
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