NMT Medical Announces New $2 Million Credit Facility
January 06 2011 - 6:30AM
Marketwired
NMT Medical, Inc. (NASDAQ: NMTI) today announced that it has
entered into a credit agreement with LSQ Funding Group, L.C., a
Florida-based firm that specializes in providing financing to
small- and medium-sized businesses.
The asset-based credit facility provides for borrowings up to $2
million for working capital requirements and other general
corporate purposes. The credit facility has a one-year term and is
subject to a borrowing base calculated as a percentage of domestic
accounts receivable that are pledged as collateral against the
loan.
Richard E. Davis, NMT's Chairman, President and Chief Executive
Officer, said, "This non-equity based credit facility, which
replaces the credit arrangement with Silicon Valley Bank that we
recently terminated, provides NMT with the necessary working
capital required to fund its ongoing operations. We continue to
tightly manage our expenses while working closely with the U.S.
Food and Drug Administration to evaluate our potential next steps
relating to patent foramen ovale (PFO) treatment for the stroke and
transient ischemic attack (TIA) indications. In addition, we are
continuing to evaluate all strategic options."
About NMT Medical, Inc. NMT Medical is an
advanced medical technology company that designs, develops,
manufactures and markets proprietary implant technologies that
allow interventional cardiologists to treat structural heart
disease through minimally invasive, catheter-based procedures. NMT
is currently investigating the potential connection between a
common heart defect that allows a right-to-left shunt or flow of
blood through a defect like a patent foramen ovale (PFO) and brain
attacks such as embolic stroke, transient ischemic attacks (TIAs)
and migraine headaches. A common right-to-left shunt can allow
venous blood, unfiltered and unmanaged by the lungs, to enter the
arterial circulation of the brain, possibly triggering a cerebral
event or brain attack. More than 34,000 PFOs have been treated
globally with NMT's minimally invasive, catheter-based implant
technology.
For more information about NMT Medical, please visit
www.nmtmedical.com.
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements, including those relating to
the Company's cash position and next steps relating to patent
foramen ovale (PFO) treatment for the stroke and transient ischemic
attack (TIA) indications, involve known and unknown risks,
uncertainties or other factors that may cause actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
that might cause such a difference include, but are not limited to,
those discussed under the heading "Risk Factors" included in the
Management's Discussion and Analysis of Financial Condition and
Results of Operations in the Company's Annual Report on Form 10-K
for the year ended December 31, 2009, Quarterly Report on Form 10-Q
for the quarter ended September 30, 2010, and subsequent filings
with the U.S. Securities and Exchange Commission.
Contact: Richard E. Davis Chief Executive Officer NMT
Medical, Inc. (617) 737-0930 Email Contact