Stereotaxis (St. Louis) said it has closed on its $40 million credit facility, which includes a $30 million revolving facility that matures on March 31, 2012 and a $10 million term loan that matures on Dec. 31, 2013.
The new facility was led by Silicon Valley Bank, and replaces the company's previous facility that was scheduled to mature in March.
"We are pleased that this new facility allows us to balance our capital structure in a manner that minimizes our cost of capital and equity dilution," CEO Mike Kaminski said. "We believe the increased liquidity and financial flexibility provided by this facility should enhance our ability to drive to commercial success with our technology platform that addresses the large and growing heart arrhythmias market."
Stereotaxis makes an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias.
The core components of its systems have received regulatory clearance in the U.S. and Europe.