A Medical Device Daily
Orthofix International (Boston) reported that it made a $5 million debt prepayment in advance of the scheduled maturity, permanently reducing its current credit facility by that amount.
Orthofix Executive VP/CFO Bob Vaters said, "Consistent with our focus on deleveraging the balance sheet this was the third debt repayment we have made ahead of scheduled maturities within the last four months. It demonstrates not only our desire to continue reducing our outstanding debt, but our improved cash generation over the last few months. With the expected continuation of cash flow improvements we will look for additional opportunities to pay down debt early, increasing the company's flexibility to execute its operating plan."
Orthofix is a global device company that offers a broad line of minimally invasive surgical, and non-surgical, products for the spine, orthopedic, and sports medicine market sectors.
ReGear Life Sciences (Pittsburgh), makers of the ReBound Therapeutic Warming System, a form of radio frequency diathermy, reported that it has closed a $2.5 million Series A financing round following a $1 million investment by Stonewood Capital Management.
"Given the current condition of the financial markets and the economy we are fortunate to have been able to attract such a great group of angel investors and close out the round with an investor as respected as Stonewood," said President/CEO James Hanlon.
ReGear received its early financial backing from the Pittsburgh Life Sciences Greenhouse and Innovation Works, opened the round last July, and began realizing revenue late in 4Q08.
The company said the funds will be used to drive growth and further expansion into the global sports medicine, physical medicine, rehabilitation and chiropractic markets, and develop products for the home care markets.
As part of the financing arrangement, Stonewood Managing Director John Tippins joined ReGear's board.
ReBound is a therapeutic warming system that utilizes patented ReGear Diathermy technology. ReBound can be used to treat virtually any condition for which thermotherapy is indicated, including muscle spasms, joint contractures and pain associated with a variety of conditions such as osteoarthritis, soft tissue injuries, back disorders and more.