Navigation Links
Stereotaxis Receives Commitment to Increase and Extend Its Credit Facility With Silicon Valley Bank
Date:10/7/2009

ST. LOUIS, Oct. 7 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today announced that it has received a commitment letter from Silicon Valley Bank, a member company of SVB Financial Group (Nasdaq: SIVB), to increase and extend its credit facility. Under the terms set forth in the commitment letter, the Company could borrow up to $30 million, compared with $25 million under its current facility. Consistent with the current agreement, the revolving line of credit would include a sublimit of $10 million for advances guaranteed by two current shareholders. The facility would be extended for another year and would mature on March 31, 2011.

The commitment is subject to completion of definitive loan documents and other typical closing conditions. In addition, Stereotaxis also reported that it is in discussions with the shareholder guarantors regarding the final terms of a proposed extension of their $10 million guaranty facility to March 31, 2011.

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 and elsewhere.

About Silicon Valley Bank

Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.

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, the execution and delivery of final documentation of the revolving credit facility with Silicon Valley Bank on terms acceptable to the Company and to the bank, the ability of the Company to negotiate the terms of any extension of the insider guarantee discussed herein, 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 we will recognize revenue related to our 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 our 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.


'/>"/>
SOURCE Stereotaxis, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Stereotaxis Market Leadership Reinforced in Core Curriculum and Symposium Presentations at Heart Rhythm 2008
2. SIMPONI(TM) (golimumab) Receives European Approval as Once-Monthly Subcutaneous Anti-TNF for Treatment of Rheumatoid Arthritis, Psoriatic Arthritis and Ankylosing Spondylitis with Novel SmartJect(TM) Autoinjector
3. GlaxoSmithKline Receives Unanimous FDA Panel Approval Recommendation for VOTRIENT(TM)
4. Sequella Receives American Recovery and Reinvestment Funding Through the NIH
5. Biostar Pharmaceuticals, Inc. Receives Patent for Aoxing Ganbao
6. Cortheras Relaxin Receives FDA Fast Track Designation for the Treatment of Acute Heart Failure
7. Sigma-Aldrich(R) Receives Award From Michael J. Fox Foundation to Develop Parkinsons Disease Research Models
8. Mylan Receives FDA Approval for Generic Version of Parkinsons Treatment Sinemet(R)
9. GenVec Receives National Cancer Institute Grant to Expand Cancer Program
10. Hologic Receives CE Marking for the ThinPrep(R) Integrated Imager
11. Oxygen Biotherapeutics, Inc. Receives Phase II Trial Approval in Israel
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... Conn. , Feb. 11, 2016  AfterPill.com is ... to recommend alcohol abstinence for all women who are ... in the U.S. each year and raises the risks ... --> --> According to the Guttmacher ... 70% of women of child-bearing age, who have sex ...
(Date:2/11/2016)... 2016 Wearable posture tracker, ALEX , has taken Kickstarter by storm, crowdfunding over $60,000 ... left to go, ALEX is said to be delivered to backers starting May of this year. ... ... ... Created by NAMU, a team of ...
(Date:2/11/2016)... 2016  Proliant Biologicals is proud to announce the ... manufacturing facility.  The facility is located on the North ... Feilding. Boone , Iowa.  The ... the systems in the U.S. facility, with critical processing ... installations.  --> Boone , ...
Breaking Medicine Technology:
(Date:2/12/2016)... Appleton, Wis. (PRWEB) , ... February 12, 2016 ... ... its second Lean Leadership Series at Zuckerberg San Francisco General Hospital on April ... to practice new behaviors and create new habits. The workshops cover a broad ...
(Date:2/12/2016)... ... 2016 , ... AssureVest Insurance Group, a locally owned insurance firm with offices ... raise funds earmarked to purchase computers and software for Mrs. Harrison’s 2nd and 3rd ... in a low-income area and has more than 60 2nd and 3rd graders with ...
(Date:2/12/2016)... ... 12, 2016 , ... Young Asset Protection, a full service ... the latest charity campaign in their community enrichment program. Art Expression utilizes after-school ... cause are currently being accepted at: http://artexpressioninc.org/ . , Art Expression is ...
(Date:2/12/2016)... TX (PRWEB) , ... February 12, 2016 , ... ... of southwest Houston and surrounding communities by continuing it’s commitment to act as ... Family Promise. The organization works closely with area homeless families to fulfill immediate ...
(Date:2/12/2016)... ... February 12, 2016 , ... Homeowners now have ... possibilities. CertainTeed, North America’s leading brand of building products, has improved upon its ... in the mobile version of the ColorView® Exterior Style and Color Selector. Created ...
Breaking Medicine News(10 mins):