Navigation Links
Stereotaxis Receives $20 Million in Additional Loan Commitments
Date:2/7/2008

ST. LOUIS, Feb. 7 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today announced that it had obtained $20 million in one-year unsecured loan commitments from two current shareholders. In addition, the Company may extend the commitment for an additional 90 days, at its option. Funds drawn on the commitment would be subordinated to borrowings under its current bank facility. In consideration of providing the commitment, Stereotaxis agreed to grant to the investors common stock warrants, equal to 20% coverage of the commitment amount at an exercise price of $6.99 per share. Additional warrants equal to 5% coverage would be issuable if the Company exercised its 90-day extension.

"At year end 2007, the Company had approximately $24 million of cash and investments, including $5 million drawn on its working capital facility. Combined with and subject to the terms of the remaining un-drawn facility, this commitment provides Stereotaxis with up to approximately $60 million of liquidity, which we believe is sufficient to execute our growth strategy well into 2009," said Bevil Hogg, Chief Executive Officer.

About 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 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 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. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe and Canada.

About Forward Looking Statements

This press release includes statements that may constitute "forward- looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company's products in the marketplace, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.


'/>"/>
SOURCE Stereotaxis, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Stereotaxis Provides Fourth Quarter 2007 Revenue Outlook
2. Stereotaxis Highlights Live Coronary and Peripheral Vascular Cases Performed at TCT With Stereotaxis Magnetic Navigation System
3. Stereotaxis Showcases Interventional Cardiology Capabilities of Niobe Magnetic Navigation System
4. Stereotaxis Highlights New Data on Acute Success in AFib Treatments With Niobe Magnetic Navigation System
5. MedApps Receives Prestigious Frost & Sullivan Award
6. IDM Pharma Receives Notification from NASDAQ Relating to Minimum Bid Price
7. Ludwig Institute for Cancer Research receives NHMRCs largest 2009 grant
8. Jacobs Receives Contract from Catholic Healthcare West to Assist Sequoia Hospital Expansion Program
9. Akela Pharma receives letter from the FDA regarding its pre-clinical toxicology studies for Fentanyl TAIFUN(R)
10. Regions Hospital Receives National Quality Awards
11. Laser Energetics Receives a $550,000 Order for a Dental Laser System
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... (PRWEB) , ... June 23, 2017 , ... The Aesthetic ... facelift . Dr. Talei has come up with a proprietary technique that he calls ... lifts tissues that have dropped. For all ages, patients can expect to look refreshed, ...
(Date:6/23/2017)... ... June 23, 2017 , ... Georgia State ... 18 to 20. , The two-day conference is focused on advancing scientific knowledge ... improving patients’ lives and eliminating racial breast cancer-related disparities. The conference theme is ...
(Date:6/23/2017)... ... June 23, 2017 , ... MD Now Urgent ... is MD Now’s 28th facility overall and marks the urgent care center's eighth location ... mile North of The Falls shopping mall. The new clinic offers a wide array ...
(Date:6/23/2017)... ... June 23, 2017 , ... ... Insurance offerings. With the Federal Emergency Management Agency’s (FEMA) recent update of flood ... States. In 2012, the Biggert-Waters Act was enacted to reflect the actual risk ...
(Date:6/23/2017)... , ... June 23, 2017 , ... Ulster University, Magee ... 2017 from 9 am to 3 pm to present to graduate students exciting new ... is an original curriculum project led by The Health Improvement Service of the Western ...
Breaking Medicine News(10 mins):
(Date:6/14/2017)... The Bio Supply Management Alliance (BSMA) has ... and the Biomedical Manufacturing Network to advance ... California by providing a platform for ... workforce development. The primary focus of this alliance is ... well as small and mid-sized biomedical companies. ...
(Date:6/11/2017)... 2017  Eli Lilly and Company (NYSE: LLY ... studies of galcanezumab, an investigational treatment for the prevention ... several key secondary endpoints for galcanezumab compared to placebo ... (EVOLVE-1, EVOLVE-2 and REGAIN) will be presented today at ... Boston . "The ...
(Date:6/8/2017)... June 8, 2017  Less than a month ago, ... than 200,000 companies, including hospital networks, in over 150 ... one of the largest online extortion attempts ever recorded. ... market, it is imperative that providers understand where the ... from this — and many other very real cyber ...
Breaking Medicine Technology: