CHELMSFORD, Mass. - May 19, 2020 - (Newswire.com)
First Light Diagnostics, Inc., a developer of breakthrough automated products for rapid, sensitive, and cost-effective diagnosis of life-threatening, antibiotic-resistant infections, has acquired a “Paycheck Protection Program” (PPP) loan with the US Small Business Administration (SBA) as part of the US Coronavirus Aid, Relief and Economic Security (CARES) Act.
The loan of $1.1 million to First Light Diagnostics is part of a program intended to help small businesses in the US keep workers on their payroll with partially forgivable loans.
In mid-March First Light Diagnostics closed their facility in Chelmsford in accordance with the emergency orders of Governor Charlie Baker of Massachusetts, furloughed roughly half of their employees and instructed the remaining staff to work remotely. Working closely with their banking partner, Century Bank, First Light was able to secure the $1.1 million PPP loan and return the furloughed employees onto their payroll on April 27. First Light has begun to implement a re-start plan and will have their facility ready to safely reopen in May.
“This is a challenging, unprecedented time for businesses and First Light Diagnostics is no exception,” said David Macdonald, President and CEO of First Light Diagnostics. “We appreciate the government’s assistance through the CARES Act as we navigate the current situation, with an eye toward a return to regular business.”
About First Light Diagnostics, Inc.
First Light Diagnostics is developing and intends to commercialize a unique range of breakthrough diagnostic products to rapidly, sensitively and cost-effectively detect life-threatening infections, to determine effective antibiotics at the onset of infection, and to attenuate the spread of antibiotic resistance. Don Straus is the company’s Founder and primary inventor of the company’s core scientific technology. Based on its proprietary MultiPath detection technology, First Light’s products combine the clinical performance of the most advanced commercial laboratory tests with speed, cost-effectiveness, and ease-of-use. This will improve patient outcomes, reduce healthcare costs, and prevent inappropriate use of powerful antibiotics. To learn more, please visit: www.firstlightdx.com.
David Macdonald
President and CEO
First Light Diagnostics
dmacdonald@firstlightdx.com
Mobile: (858) 997-9641
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Original Source: First Light Diagnostics Receives $1.1 Million 'Paycheck Protection Program' Loan Under the CARES Act
