iSpecimen secures $1M loan, appoints three board members

iSpecimen has secured a $1M loan agreement and subsequently appointed three new members to its Board of Directors. On September 25, 2024, iSpecimen closed a $1M loan agreement with a lender which carries an interest rate of 18% per annum and is payable within 12 months of issuance. The agreement obligates the lender to provide iSpecimen with a revolving line of credit of up to $1M upon the Company’s initial filing of a Registration Statement for a public offering with gross proceeds of at least $5M. Westpark Capital, Inc. served as placement agent. As a condition for the loan, iSpecimen replaced three of five members of its Board of Directors with three new directors designated by the lender. These appointments follow the resignations of Steven Gullans, Theresa Mock, and Elizabeth A. Graham from the Board. Richard Paolone, a Toronto-based securities lawyer with leadership experience at public and private companies, joins the Board alongside Avtar Dhaliwal, a seasoned executive with leadership experience across multiple industries including renewable energy and food. The third new appointee, Katie Field, an experienced executive with a background in strategy consulting, will chair the board.