Gravity Diagnostics Receives $20 Million Line of Credit from PNC Bank to Support COVID-19 Testing
Jan 12, 2021, 10:45 ET
COVINGTON, Ky., Jan. 12, 2021 /PRNewswire/ -- Gravity Diagnostics has announced that PNC Bank has authorized a $20 million line of credit to the diagnostics laboratory to support investments in inventory, equipment, and operations to increase its capacity and capabilities.
Gravity Diagnostics is a full-service CLIA laboratory licensed in all 50 states providing laboratory testing in the areas of COVID-19, upper respiratory, toxicology, pharmacogenomics and sexually transmitted infections. In 2020, the laboratory increased square footage by 900%, its employee headcount by 300%, and processed over 1.5 million COVID-19 samples.
"We continue to be amazed at how our surrounding community came together to do all we could to help people most in need of rapid COVID-19 PCR testing," said Tony Remington, chief executive officer of Gravity Diagnostics. "Our relationship with PNC Bank is just another example of a partner doing all they can to support those with the most need. We appreciate PNC's support and look forward to a long-term relationship focusing on providing healthcare solutions to our local and national customers and their patients."
Gravity remains committed to being part of the solution for COVID-19 testing demands across the nation and is expanding its market share in the multi-billion-dollar laboratory industry through strategic relationships, a growing salesforce, and expansion of offerings.
From partnering with the Commonwealth of Kentucky to deliver rapid PCR COVID-19 testing to the most critical populations since April to being recognized as a company that brought national attention to the Northern Kentucky area, Gravity has stood out as being a difference-maker in the industry.
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About Gravity Diagnostics
Gravity Diagnostics is a full-service state-of-the-art CLIA laboratory licensed in all 50 states providing innovative laboratory testing in the areas of COVID-19, Upper Respiratory, Toxicology, Pharmacogenomics, and Sexually Transmitted Infections. We are an advocate for physicians, patients, and our communities, supporting them with unsurpassed integrity, regulatory compliance, and clinical expertise. We currently service over 750 customers from small private practices, to universities, to Fortune 500 companies. Media contact: [email protected]. For more information, visit www.gravitydiagnostics.com.
SOURCE Gravity Diagnostics
