03.07.2008 4:39 pm
Stereotaxis increases line of credit
St. Louis Post-Dispatch
Cardiac surgical system maker Stereotaxis Inc. has increased to $30 million a line of credit from Silicon Valley Bank, according to a report filed late Thursday with the Securities and Exchange Commission.
The loan requires that St. Louis-based Stereotaxis maintains certain unspecified amounts of tangible net worth at the end of each month through February 2009.
Stereotaxis previously reported receiving a $20 million unsecured loan commitment from two stockholders, Sanderling Venture Partners and Alafi Capital Co. According to the SEC filing, those may be used as guarantees in favor of the bank.
The company’s shares lost 18 cents in trading Friday to close at $3.82, less than half of what they were worth in mid-January.
