EP MedSystems takes in $3m
This article was originally published in Clinica
EP MedSystems, a West Berlin, New Jersey-based specialist in cardiac rhythm management technologies, has raised $3m through a secured loan facility with Keltic Financial Partners. The arrangement includes a $1.5m asset-based revolving credit agreement and a $1.5m term loan - the term for both agreements is three years. In addition to the loan facility, EP MedSystems also issued warrants to Keltic to purchase up to 25,000 shares of the company's stock at $2.50 each. Proceeds will be used to pay off a $2m convertible debt and for working capital purposes.