Stereotaxis Extends Silicon Valley Bank Credit Facility by Three Years
March 30 2015 - 6:30AM
Stereotaxis, Inc. (Nasdaq:STXS), a global leader in innovative
technologies for the treatment of cardiac arrhythmias, announced
today that it has extended the maturity of its revolving credit
facility with Silicon Valley Bank (SVB) by three years to March 31,
2018. The amended agreement maintains the existing line capacity of
$10 million, which was increased from $3 million in 2014.
"This three-year credit agreement strengthens our ability to
finance growth opportunities and is a significant endorsement of
our continued improvement in financial performance," said William
C. Mills, Stereotaxis Chief Executive Officer. "We are proud of
SVB's long-term commitment to Stereotaxis, which illustrates strong
support of our strategic initiatives and growth potential as the
leader in robotic solutions for the cardiac electrophysiology
market."
Ben Johnson, managing director of Silicon Valley Bank, said, "We
are pleased to continue our partnership with Stereotaxis as they
remain focused on growing the business through innovative
technologies. Our relationship with the Company has been very
positive for both of us, and we look forward to working together as
they continue to pursue their clinical and commercial
objectives."
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 integration
of procedural 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 navigation
system and consumables.
The core components of Stereotaxis systems have received
regulatory clearance in the U.S., European Union, Canada, China,
Japan and elsewhere. The V-Sono™ ICE catheter manipulator, V-Loop™
variable loop catheter manipulator and V-CAS™ catheter advancement
system have received U.S. clearance. 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, 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.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward,
fast. SVB provides targeted financial services and expertise
through its offices in innovation centers around the world. With
commercial, international and private banking services, SVB helps
address the unique needs of innovators. Forbes named SVB one of
America's best banks (2015) and one of America's best-managed
companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and
commercial banking operation of SVB Financial Group (Nasdaq:SIVB),
and a member of the FDIC. Silicon Valley Bank and SVB Financial
Group are members of the Federal Reserve System.
CONTACT: Stereotaxis Contact:
Martin Stammer
Chief Financial Officer
314-678-6155
Todd Kehrli / Jim Byers
MKR Group, Inc.
323-468-2300
stxs@mkr-group.com