ST. LOUIS, March 16 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today announced that it has extended its credit facility with Silicon Valley Bank, a member company of SVB Financial Group (Nasdaq: SIVB). Under the new agreement, which matures on March 31, 2010, the Company can borrow up to $25 million.
"This extension of our line of credit, combined with our existing cash position and other financing sources, provides us with the financial resources we believe we need to execute our business plan," said Mike Kaminski, Stereotaxis President and CEO. "In light of our recent $20 million capital raise, our outlook on our financing needs and the opportunity to reduce the cost of borrowing, we voluntarily reduced the size of the line from $30 million to $25 million. Silicon Valley Bank has been a valued partner in our growth and this extension demonstrates their continued confidence in our strategy and ability to achieve our objectives."
"SVB remains committed to supporting Stereotaxis, providing financial solutions that allow the company to pursue its plans for growth," said Mike Kohnen of Silicon Valley Bank. "We're proud to be its financial partner and look forward to our continued strong relationship."
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 Stereotaxis 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 i
|SOURCE Stereotaxis, Inc.|
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