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 ...
