WESTBOROUGH and BOSTON, Mass./April 30, 2002 - NuGenesis® Technologies and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided the scientific data management company with an $8.1 million credit facility that includes both equipment financing and revolving credit line components.
"Comerica is committed to providing financing to emerging life sciences companies as well as those that are farther along in their development," said Parag Shah, senior vice president and group head of Comerica’s East Coast Life Sciences Practice. "NuGenesis Technologies falls in the latter category, given that it posted its third consecutive year of triple digit revenue growth in 2001."
The NuGenesis® Scientific Data Management System (SDMS) is used worldwide by more than 26,000 scientists in over 400 installations to achieve greater levels of productivity and compliance with FDA regulations. The application-independent, Web-enabled platform facilitates the collection, storage and management of scientific information, fostering new levels of collaboration and speeding up the pace of decision-making in discovery, development and manufacturing.
"NuGenesis has pioneered a technology that gives scientists critical insight into their research, facilitating the development and delivery of important new medical treatments," said Wyc Grousbeck of Highland Capital Partners, NuGenesis investor and board member. "The new financing provided by Comerica will help the company remain focused on the positive trajectory it has charted to date with more than 200 customers and positive revenue growth."
"This credit facility from Comerica is of great value to us as we continue to market our patented technology to research-based companies, and work toward developing the next generation of data management products for the life sciences arena," said NuGenesis Technologies CEO Michael McGuinness.
About NuGenesis Technologies
NuGenesis Technologies Corporation, headquartered in Westborough, Massachusetts, is the market leader in Scientific Data Management. The company's products and services provide businesses that rely on electronic data with new opportunities to generate competitive advantage, leverage innovation and create value. The patented, Web-enabled NuGenesis SDMS technology provides new efficiencies in data management, retrieval and report development to fast-growing science-based companies -- so that skilled employees can focus on analysis, interpretation and decision-making. More information can be found at www.nugenesis.com.
About Comerica’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 in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is the 17th largest banking company in the nation, with $50 billion in assets.
Media Contacts:
Carolyn Lynch
NuGenesis Technologies
(508) 616-4535
clynch@nugenesis.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
