Regenerative medical devices company Tissue Regenix Group said some of its subsidiaries had agreed with MidCap Financial Trust to access a revolving credit facility and a term loan credit facility of up to $20m.
Funding of $10.5m was initially available to the company, of which it planned to draw down an initial $7.5m immediately.
The initial net proceeds would be used to invest in additional capital expenditure to sustain future business growth.
They would also be used to generate further clinical and economic data to support brand differentiation within dCELL and BioRinse, and for general corporate and working capital purposes.
Interest on the outstanding balance of the term loan would be payable at an annual rate of one month US Libor plus 6.75% subject to a one-month US Libor floor of 2.25%.