First Niagara Announces $2.4 Million Commercial Loan to Support North Haven Pharmaceutical Analytics Provider

First Niagara Financial Group (Nasdaq: FNFG) announced today that it has completed a 10-year, $2.4 million loan to SK PT, LLC (SK PT), a North Haven-based real estate holding entity. The business owner of SK PT is also the founder of Spectrix Analytical Services, LLC (Spectrix). As part of the financing package, First Niagara provided Spectrix with a $350,000 line of credit for business working capital. Spectrix delivers on-site instrument maintenance and sample analysis for pharmaceutical laboratories. In many cases, these labs are testing samples of drugs in order to comply with FDA regulations prior to distribution.

“Spectrix Analytical is the perfect example of a small business that has found its niche and continues to grow as a result of its precision and earned reputation,” First Niagara New England Regional President David Ring said. “We’re proud to support a Connecticut company that plays a part in safeguarding the pharmaceuticals that we all use.”

First Niagara’s commercial loan has allowed SK PT to purchase the 104,000 square-foot facility it has rented for nearly 5 years. Spectrix currently occupies 10,000 square feet, with half the remaining space being leased. The other half will be used to expand lab space for staff training and customer support. Founder Marie D’Andrea started Spectrix in 1999 as the sole employee. Today, the company has a staff of 54, serving customers in Connecticut, New Jersey and New York. Samples are also shipped to the Spectrix lab from around the country.

In addition to preventative maintenance and repair of lab equipment to ensure efficiency, Spectrix employs 31 scientists who conduct the biological and chemical analysis of samples from a wide variety of species and sources.

“Our scientists are available to test outside normal business hours, including weekends and evenings, which allows us to quickly and efficiently analyze samples for our customers,” Spectrix Founder Marie D’Andrea said, “and because we test at customer laboratories, they have 24/7 access to an auxiliary staff of skilled scientists.”

D’Andrea credited First Niagara’s efficiency and out-of-the-box thinking for her decision to choose the bank as her lender. “I was impressed with the professionalism of the First Niagara team at every level,” she said. “They made each step of the process transparent and easy to understand. They set and met timelines, and worked with me to position Spectrix for future growth. It was truly a partnership.”

Vice President of Commercial Lending for Northern Connecticut John Jepson added “We’re thrilled to help a local company expand its operations and services. We look forward to working with the Spectrix team as it builds on the success of the past 13 years.”

Posted by Chris

Leave a Reply

Your email address will not be published. Required fields are marked *