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Cardima gains more liquidity for expansion

This article was originally published in Clinica

Executive Summary

Cardiac arrhythmia specialist Cardima has secured a $6m loan facility from an accredited investor and shareholder of the company. As part of the financing, the Fremont, California firm will issue a promissory note which will bear interest at a rate of 10% per year and mature on November 10 2009. The new capital will go towards expanding global distribution of Cardima's products in 2009. The firm's portfolio includes the Pathfinder family of diagnostic microcatheters, the EP ablation system and the Cardima surgical ablation system.

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