Caliper Life Sciences Inc. (NSDQ:CALP) modified its $25 million credit line with Silicon Valley Bank, extending its deadline from Nov. 30, 2010 to April 1, 2011.

The Hopkinton, Mass.-based lab equipment and services provider said the agreement allows for it to borrow up to $25 million in revolving loan advances, according to a regulatory filing, including up to $5 million in letters of credit. If Caliper borrows more than $20 million, the interest rate on the loan is set at a floating annual rate equal to the prime rate plus 1 percent; if it borrows less than $20 million the rate is prime plus two.

The deal also includes a net liquidity clause that allows the bank to tap Caliper‘s accounts receivable collections to repay the loan if the company’s cash less outstanding borrowings falls below $500,000, according to the filing.

Earlier this week, Caliper closed a deal to sell its Xenogen Biosciences small animal subsidiary to Taconic Farms Inc. for $11 million. The company posted third-quarter revenues of $32.2 million during the three months ended Sept. 30, down 5.5 percent compared with $34 million during the same period last year.

Net losses for the quarter were $3.4 million, down 37.4 percent compared with $5.4 million during the third quarter of 2008.