Navigation Links
Bacterin International Holdings Secures $5,000,000 Credit Facility with Bridge Bank
Date:1/20/2011

BELGRADE, Mont., Jan. 20, 2011 /PRNewswire/ -- Bacterin International Holdings, Inc. ("Bacterin") (OTC Bulletin Board: BIHI), today announced that it has closed on the Bridge Bank, N.A. revolving accounts receivable line of credit facility for up to $5 million that was announced on November 22, 2010.  The financing, which is secured by the Company's accounts receivable and other assets, has a 2 year term and carries an interest rate of the Bridge Bank prime rate plus 2.25%.  The draw-down of funds is based upon borrowing up to 80 percent of eligible accounts receivable subject to typical borrowing base and asset coverage restrictions and other performance milestones.

Founded in 2001, Bridge Bank (Nasdaq: BBNK) is a full service professional business bank dedicated to meeting the financial needs of small, middle-market, and emerging technology businesses in Silicon Valley, California, and the nation.  

The credit facility with Bridge Bank follows the announcement of an asset backed lending facility of up to $8 million with Western Technology Investment ("WTI") that was completed on November 22, 2010.  WTI provided Bacterin an immediate draw-down of $2.5 million in November, 2010.  The WTI facility offers an additional $2.5 million through April 30, 2011, upon the achievement of certain performance based milestones through March 31, 2011. The agreement also contains provisions for the potential draw-down of up to $3 million based upon Bacterin raising additional levels of equity capital.

John Gandolfo, CFO of Bacterin commented, "The completion of this credit facility with Bridge Bank provides Bacterin with the additional capital to execute on our current growth plans.  We expect to utilize the proceeds of the facility for general working capital purposes and to cover the cost of expected increases in inventory purchases as our revenues and hospital account base continue to grow.  Our product penetration into hospitals is indeed gaining momentum.  During the fourth quarter of 2010, we secured an additional 177 hospitals that now stock Bacterin biologic product on their shelves, versus 96 new hospital accounts in the prior third quarter period."  

About Bacterin International Holdings, Inc.

Bacterin International Holdings, Inc. ("Bacterin") develops, manufactures and markets biologics products to domestic and international markets.  Bacterin's proprietary methods optimize the growth factors in human allografts to create the ideal stem cell scaffold and promote bone and other tissue growth.  These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain by facet joint stabilization, promotion of bone fusion in foot and ankle surgery, promotion of cranial healing following neurosurgery and subchondral bone defect repair in articulating joint surgeries.

Bacterin's Medical Device division develops anti-microbial coatings based upon proprietary coating technologies. Bacterin develops, employs, and licenses bioactive coatings for various medical device applications.  Bacterin's strategic coating initiatives include antimicrobial coatings designed to inhibit biofilm formation and microbial contamination.

Headquartered in Belgrade, Montana, Bacterin operates a 32,000 square foot, state-of-the-art, fully compliant and FDA registered facility, equipped with four "Class 100" clean rooms.  For further information please visit www.bacterin.com.

Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934.  Our forward-looking statements include earnings guidance and other statements regarding our expectations and beliefs.  The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations.  These statements are not, however, guarantees of future performance and actual results may differ materially. Risks and uncertainties which may cause actual results to be different than expressed or implied in our forward-looking statements include, but are not limited to, the risk factors described under the heading "Risk Factors" in Amendment No. 2 to our Form S-1 filed January 7, 2011.  The Company expressly disclaims any current intention to update any forward-looking statements as a result of new information or future events or developments.


'/>"/>
SOURCE Bacterin International Holdings, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Bacterin International Reconstitutes Its Board of Directors and Appoints Experienced Legal and Financial Professionals
2. Bacterin International Appoints Three New Members to Its Board of Directors
3. 4th International Conference on Electrophoretic Deposition
4. Verenium Announces Favorable Outcome of Capital Ventures International Lawsuit
5. Cellular Dynamics International to Present at 29th Annual JPMorgan Healthcare Conference
6. Halt Medical Presents Strong Results of International Fibroid Studies at National Institutes of Health Global Congress
7. Web of international collaboration boosts worldwide nanotechnology research
8. ViroPharma Incorporated and Idis Partner to Facilitate International Access to Certain ViroPharma Therapeutics Through Named Patient Program
9. Egon Zehnder International Names Todd Hutchings to Lead Life Sciences Practice Group
10. Nu Skin Scientists Present ageLOC Research at International Conference on Mitochondria
11. Medizone International Secures $10,000,000 Funding Commitment
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/10/2017)... ... October 10, 2017 , ... The Pittcon ... awards honoring scientists who have made outstanding contributions to analytical chemistry ... Pittcon 2018, the world’s leading conference and exposition for laboratory science, which will ...
(Date:10/9/2017)... ... October 09, 2017 , ... The award-winning American Farmer television series will feature ... Farmer airs Tuesdays at 8:30aET on RFD-TV. , With global population estimates nearing ... how to continue to feed a growing nation. At the same time, many of ...
(Date:10/9/2017)... ... October 09, 2017 , ... ... line of medical marijuana products targeting the needs of consumers who are incorporating ... Kindred takes place in Phoenix, Arizona. , As operators of two successful Valley ...
(Date:10/7/2017)... ... October 06, 2017 , ... ... consulting for microscopy and surface analysis, Nanoscience Instruments is now expanding into ... a broad range of contract analysis services for advanced applications. Services will ...
Breaking Biology Technology:
(Date:8/23/2017)... , Aug. 23, 2017  The general public,s help is being enlisted ... bacteria that live in and on the human body –and are believed ... The Microbiome Immunity ... human microbiome, starting with the gut. The project's goal is to help ... credit: IBM ...
(Date:6/14/2017)... IBM ) is introducing several innovative partner startups at ... between startups and global businesses, taking place in ... startups will showcase the solutions they have built with IBM ... France is one of the most ... increase in the number of startups created between 2012 and ...
(Date:4/24/2017)... Janice Kephart , former 9/11 ... Partners, LLP (IdSP) , today issues the following ... March 6, 2017 Executive Order: Protecting the ... be instilled with greater confidence, enabling the reactivation ... applications are suspended by until at least July ...
Breaking Biology News(10 mins):