Aliso Viejo-based Clarient Inc. said it completed the second part of a stock deal with a Connecticut venture capital firm and paid off its debt.
Clarient, which provides cancer tests for pathologists, oncologists and drug makers, said it paid $19.5 million in cash to Safeguard Scientifics Inc., a Pennsylvania investment company that? Clarient? largest shareholder and creditor, ending about $30 million in debt.
Clarient received the money from Westport, Conn.-based Oak Investment Partners. Oak said in late March that it would invest up to $50 million in Clarient.
The deal reduces Safeguard’s stake in Clarient from 60% to 47%. Safeguard lined up the deal with Oak and has said it will ?irectly strengthen Safeguard? balance sheet.?
Safeguard said the payoff released $12.3 million in cash that Safeguard had put up as collateral and eliminated its remaining commitments to provide additional funding to Clarient.
Clarient has said in federal filings that without the investment deal, it was unlikely that it would have been able to repay credit lines coming due in early 2010.
