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NMT Medical Announces New $2 Million Credit Facility

Date : 01/06/2011 @ 7:30AM
Source : MarketWire
Stock : NMT Medical (NMTI)

ih.advfn.com/p.php?pid=nmona&article=45903874

NMT Medical, Inc. (NASDAQ: NMTI) today announced that it has entered into a credit agreement with LSQ Funding Group, L.C., a Florida-based firm that specializes in providing financing to small- and medium-sized businesses.

The asset-based credit facility provides for borrowings up to $2 million for working capital requirements and other general corporate purposes. The credit facility has a one-year term and is subject to a borrowing base calculated as a percentage of domestic accounts receivable that are pledged as collateral against the loan.

Richard E. Davis, NMT's Chairman, President and Chief Executive Officer, said, "This non-equity based credit facility, which replaces the credit arrangement with Silicon Valley Bank that we recently terminated, provides NMT with the necessary working capital required to fund its ongoing operations. We continue to tightly manage our expenses while working closely with the U.S. Food and Drug Administration to evaluate our potential next steps relating to patent foramen ovale (PFO) treatment for the stroke and transient ischemic attack (TIA) indications. In addition, we are continuing to evaluate all strategic options."

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