Stereotaxis Announces Renewal of Silicon Valley Bank Credit Facility
ST. LOUIS, Sept. 3, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS)
announced today that it has completed the renewal of its revolving credit
facility with Silicon Valley Bank (SVB).
Under an amended credit agreement, Stereotaxis will extend its $3 million
asset based revolving line of credit with SVB through March 31, 2014. The
amended credit agreement eliminates the $3 million of available advances
guaranteed by Alafi Capital Company and an affiliate of Sanderling Venture
Partners, and the guarantees have been terminated.Furthermore, the prepayment
premium on its term note was eliminated from the agreement, allowing the
Company to repay the outstanding amount under this facility prior to its
maturity date of December 2013, without penalty.
The facility renewal follows recently announced transactions involving the
exercise of warrants by the Company's convertible subordinated note holders,
as well as by certain other equity investors, which yielded Stereotaxis gross
proceeds of approximately $11.7 million in additional capital.
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. With over 100
patents for use in a hospital's interventional surgical suite, Stereotaxis
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
The core components of Stereotaxis systems have received regulatory clearance
in the U.S., Europe, Canada and elsewhere. The V-Sono^™ ICE catheter
manipulator has received U.S. clearance, and the V-Loop™ circular catheter
manipulator is currently in clinical trials in order to obtain clearance by
the U.S. Food and Drug Administration. For more information, please visit
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 or otherwise address ongoing liquidity challenges 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 or at all, 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:
Chief Financial Officer
Todd Kehrli / Jim Byers
MKR Group, Inc.
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