A Medical Device Daily
CareView Communications (Lewisville, Texas), an information technology provider to the healthcare industry, said that it has closed on a two-year, $20 million revolving line of credit with Comerica Bank and Bridge Bank, National Association.
The revolving line of credit will provide the company with capital to purchase equipment and perform installations pursuant to newly signed contracts that the company may execute in the future with certain healthcare providers.
Amounts drawn on the revolving line of credit will initially bear interest at a rate of 7% per annum. In connection with the line of credit, the company has issued warrants to the lenders to purchase an aggregate of 1,428,572 shares of the company's common stock that have an exercise price of $1.40 per share.
“CareView has developed an incredibly valuable and distinct product for the healthcare industry,“ said Larry LaCroix, senior VP of Bridge Bank's Bridge Capital Finance Group. “With their strong credit profile and capable management team, we're pleased to provide CareView with access to working capital which will ultimately enable their continued growth, innovation and success.“