SAN DIEGO/June 19, 2002 - Comerica (NYSE: CMA), a leading financial services company, and Althea Technologies, Inc., a leading provider of gene-based tools for drug development, announced today that Comerica’s Technology and Life Sciences Division has provided the San Diego company with a $1.6 million credit facility.
"Given the fact that the San Diego area is a hotbed for the life sciences industry - among the top three in the U.S. - we are committed to working with companies like Althea to help them meet their plans for growth," said Chris Woolley, senior vice president and managing director of Comerica’s Pacific Southwest Technology and Life Sciences Division. "Our activity in organizations such as BioCom and Connect is one way of demonstrating our life sciences commitment, and the provision of this credit facility is another."
As a leader in supporting the needs of companies in the rapidly evolving field of gene-based therapeutics, the demand for Althea’s services has increased over the past two years. To meet the needs of this increase in demand, the company’s requirements for laboratory and production equipment to service its customers has also risen. Althea is determined to continue to be a leading provider of fast, accurate, and expert outsourcing solutions as this new generation of gene-based drug discovery and development continues to build momentum.
"Comerica’s San Diego team took the time to understand our business and then present us with financial solutions that made sense," said Magda Marquet, Ph.D., Althea Technologies’ president. "We are pleased to have found a bank to participate in our growth, with the resources to meet our needs as our company evolves."
About Althea Technologies
Althea Technologies’ focus is on accelerating gene-based drug development by supporting researchers worldwide in their attempts to understand the mechanisms of disease and develop new therapeutics. The company’s services include gene expression analyses using its proprietary eXpress Profiling technology, custom genomic analyses using real-time PCR, and cGMP plasmid DNA production for genetic vaccine and gene therapy products. For more information, visit www.altheatech.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 among the 20 largest banking companies in the nation, with $50 billion in assets.
Media Contacts:
David Vandertie
Althea Technologies, Inc.
(858) 909-5139
dvandertie@altheatech.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(619) 291-4645
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
