Business & Real Estate

Davis biotech firm completes loan financing, president leaving Aug. 31

Embattled Davis biotech firm Marrone Bio Innovations Inc. announced Friday that it had completed a $40 million loan financing, and that its president and chief operating officer will resign at the end of the month.

The announcements come on the heels of repeated delays of reporting quarterly financial results, disgruntled shareholders and multiple warnings that its stock faces delisting on the Nasdaq exchange.

James Iademarco, founder of a North Carolina-based global consulting firm, was hired as COO in January. Marrone said Iademarco will remain available in a consulting capacity for up to 90 days.