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Lifeline Scientific (LSI)

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Monday 17 August, 2009

Lifeline Scientific

Replacement: Loan Agreement

RNS Number : 5297X
Lifeline Scientific, Inc
17 August 2009
 



This announcement is replacing release number 5144X, released 17 August 2009 at 07:00. The word 'million' has been removed from the title line and the second paragraph.



17 August 2009


Lifeline Scientific, Inc

('Lifeline' or 'the Company')


Lifeline Scientific announces $1,500,000 working capital facility


Lifeline Scientific, the medical technology company focused on commercialising its LifePort® Kidney Transporter, an advanced organ preservation and transport system, designed to address the global challenge of human donor organ shortages, announces today that it has secured a loan agreement with Silicon Valley Bank ('SVB' or 'the lender'). 


The two-year, $1,500,000 working capital facility provides additional working capital to fund growth in both the Company's domestic and international markets over the next two years. 


SVB is a renowned global financial institution dedicated to providing global financial services to some of the most innovative and entrepreneurial companies in the technology and life sciences sectors.


The facility has a two-year term with interest payable monthly and the principle due at maturity. Interest will be charged at 2 per cent above SVB's prime rate and an annual fee of $15,000 is also payable.


In addition, Lifeline will grant to SVB a warrant to purchase up to $33,750 worth of common shares at an exercise price to be determined by either the average closing price on the prior twenty trading days, or at the same price and on the same terms as common shares issued in any equity fundraising that occurs within a period of 18 months of the date of issue. The warrant will be exercisable for five years from the date of issue and capable of cashless exercise pursuant to an agreed mechanism.  


David Kravitz, Chief Executive of Lifeline, said:


'We believe that this facility provides us with an appropriate working capital foundation for our near-term business plans. We are particularly pleased to have entered a banking relationship with a financial institute with more than 25 years of commitment to the life sciences and medical device industries.'


Enquiries

Lifeline Scientific, Inc.

+1 847 294 0300

David Kravitz, CEO

 

Seymour Pierce (Nomad)

+44 (0)20 7107 8000

Mark Percy / Huaizheng Peng / Sarah Jacobs             

 

Financial Dynamics

+44 (0)20 7831 3113

Ben Brewerton / John Dineen

 

 


About Lifeline Scientific Inc.  

Lifeline Scientific, Inc. is a Chicago-based global medical technology company with European headquarters located in Brussels. Its primary focus is to commercialise the FDA approved, CE marked, clinically validated and revenue generating LifePort Kidney Transporter. LifePort devices for preservation of the heart, lung, pancreas and liver are in pre-clinical development. 


About Silicon Valley Bank

Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa ClaraCalifornia, the company serves clients around the world through 27 U.S. offices and international operations in ChinaIndiaIsrael and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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