Stereotaxis Completes $40 Million Credit Facility
ST. LOUIS, Dec. 20, 2010 /PRNewswire/ -- Stereotaxis, Inc. (Nasdaq: STXS) announced today that the Company has closed on its previously announced $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 December 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 2011.
"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. 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," said Mike Kaminski, Chief Executive Officer of Stereotaxis.
Stereotaxis designs, manufactures and markets 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 Niobe® Remote Magnetic Navigation System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure.
Stereotaxis' Odyssey™ portfolio of products provides an innovative enterprise solution for integrating, recording and networking interventional lab information within hospitals and around the world. Odyssey™ Vis