The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.
Cincinnati, Ohio-based Meridian will acquire Quebec City-based GenePOC for $120 million, and hopes to quickly convert customers to a PCR-based instrument.
Overall, the share prices for 18 of the index's 27 companies fell month over month. Exact Sciences was the only firm whose share price improved in the double digits.
Canaccord said Meridian Bioscience's preannounced second quarter top-line miss and expected ongoing weakness in its MDx business were among the reasons for the downgrade.
The company said it has faced competitive pressures in its diagnostics business, partially offset by organizational streamlining efforts it initiated last year.
The 360Dx Index was up 12 percent last month as shares of Accelerate Diagnostics, Veracyte, and Exact Sciences each improved more than 40 percent month over month.
