Stereotaxis Expands Credit Facility With Silicon Valley Bank to $10 Million
March 31 2014 - 6:30AM
Stereotaxis, Inc. (Nasdaq:STXS) announced today that it has entered
into an amended credit agreement with Silicon Valley Bank (SVB)
that replaces its existing $3 million revolving facility with a $10
million revolving facility scheduled to mature on March 31, 2015.
"This extended line of credit continues SVB's long-term
relationship with Stereotaxis and reflects the significant
financial progress we have made over the last 12 months," said
William Mills, Stereotaxis Chief Executive Officer. "While our full
intention is to maintain the improved debt position we have worked
so hard to achieve, this agreement provides us with financing
flexibility as we continue to pursue growth opportunities and
enhance our capabilities in the cardiac electrophysiology
market."
About Stereotaxis
Stereotaxis is a healthcare technology and innovation leader in
the development of robotic cardiology instrument navigation systems
designed to enhance the treatment of arrhythmias and coronary
disease, as well as information management solutions for the
interventional lab. Over 100 issued patents support the Stereotaxis
platform, which helps physicians around the world provide
unsurpassed patient care with robotic precision and safety,
improved lab efficiency and productivity, and enhanced
collaboration of life-saving information. Stereotaxis' core Epoch™
Solution includes the Niobe® ES Remote Magnetic Navigation system,
the Odyssey® portfolio of lab optimization, networking and patient
information management systems and the Vdrive™ Robotic Mechanical
Navigation system and consumables.
The core components of Stereotaxis systems have received
regulatory clearance in the U.S., European Union, Canada, China and
elsewhere. The V-Sono™ ICE catheter manipulator has received U.S.
clearance, and the V-Loop™ circular catheter manipulator will soon
be submitted for review by the U.S. Food and Drug Administration.
For more information, please visit www.stereotaxis.com
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
Company's ability to raise additional capital on a timely basis and
on terms that are acceptable, its ability to continue to manage
expenses and cash burn rate at sustainable levels, its ability to
continue to work with lenders to extend, repay or refinance
indebtedness on acceptable terms, continued acceptance of the
Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to
purchase its systems and the timing of such purchases, the outcome
of various shareholder litigation filed against Stereotaxis,
competitive factors, changes resulting from the recently enacted
healthcare reform in the U.S., including changes in government
reimbursement procedures, dependence upon third-party vendors,
timing of regulatory approvals, 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, delayed or canceled, either by their express terms, as a
result of negotiations, or by overall project changes or
delays.
CONTACT: Company Contact:
Marty Stammer
Chief Financial Officer
314-678-6155
Investor Contact:
Todd Kehrli / Jim Byers
MKR Group, Inc.
323-468-2300
stxs@mkr-group.com