Clinical Genomics is an Australian healthcare company that sells screening solutions for the early detection of cancer. Its first product is aimed at providing screening solutions for colorectal cancer.
Clinical Genomics is a healthcare company that sells screening solutions for the early detection of cancer.
Clinical Genomics has a five-year supply agreement to one of the largest labs in the world, Quest Diagnostics, based in the US.
As part of this US$20m deal, Clinical Genomics sells over two million test cards and a million kits a year for Quest Diagnostics to screen their patients.
Given the high volume of product required as part of this supply agreement, Clinical Genomics requires a significant level of working capital.
Solution: We provided a US$650,000 working capital guarantee to Clinical Genomics’ bank to allow them to release the working capital required.
This meant Clinical Genomics could balance its cashflow needs to deliver on the supply agreement with Quest Diagnostics, while at the same time growing its business elsewhere.