A Diagnostics & Imaging Week
Cardima (Fremont, California), a company focused on the treatment of atrial fibrillation, said it has executed a loan term sheet and loan commitment letter with an investor and shareholder pursuant to which the company will issue a secured promissory note in the amount of $6 million.
The note will bear interest at 10% a year and matures on Nov. 10, 2009. The note will have and be a general charge on all of the assets of the company, Cardima said. The company said it would use the proceeds for general corporate purposes, including working capital and equipment purchases.
Chairman Tony Shum said, "The past year has brought tremendous positive changes to the company and this transaction marks another significant step toward building the new Cardima. We thank our shareholders for their continued support, which allows us to continue the systematic commercialization of our great range of products."
He added, "This loan facility provides important resources as we begin to rapidly expand the number and scope of our distributor relationships around the world and plan for exciting and dynamic growth in 2009."
Cardima makes a surgical ablation system, the EP ablation system, and the Pathfinder family of diagnostic microcatheters.
Early detection of breast cancer and the healing of tendon and ligament tears are two of the first four technologies to receive $375,000 in funding from the Alfred Mann Institute for Biomedical Development at Purdue University (West Lafayette, Indiana).
"Our mission is to support the commercialization of life science technologies created at Purdue that help mankind," said John Hertig, executive director of the $100 million Alfred Mann Institute for Biomedical Development (AMIPurdue). "We feel these technologies that are emerging from the discovery stage have the potential to make a significant contribution toward improving health care."
AMIPurdue was established in 2007 through a $100 million endowment from the California-based Alfred E. Mann Foundation for Biomedical Engineering.