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8-K - Xtant Medical Holdings, Inc. | v208341_8k.htm |
EX-14.2 - Xtant Medical Holdings, Inc. | v208341_ex14-2.htm |
EX-14.1 - Xtant Medical Holdings, Inc. | v208341_ex14-1.htm |
EX-10.14 - Xtant Medical Holdings, Inc. | v208341_ex10-14.htm |
Bacterin
International Holdings Secures
$5,000,000
Credit Facility with Bridge Bank
BELGRADE, MT, – January 19, 2011 – Bacterin International
Holdings, Inc. (“Bacterin”) (OTCBB: BIHI), today announced that it
has closed on the Bridge Bank, N.A. revolving accounts receivable line of credit
facility for up to $5 million that was announced on November 22,
2010. The financing, which is secured by the Company's accounts
receivable and other assets, has a 2 year term and carries an interest rate of
the Bridge Bank prime rate plus 2.25%. The draw-down of funds is
based upon borrowing up to 80 percent of eligible accounts receivable subject to
typical borrowing base and asset coverage restrictions and other performance
milestones.
Founded
in 2001, Bridge Bank (NASDAQ: BBNK) is a full service professional
business bank dedicated to meeting the financial needs of small, middle-market,
and emerging technology businesses in Silicon Valley, California, and the
nation.
The
credit facility with Bridge Bank follows the announcement of an asset backed
lending facility of up to $8 million with Western Technology Investment ("WTI")
that was completed on November 22, 2010. WTI provided Bacterin an
immediate draw-down of $2.5 million in November, 2010. The WTI
facility offers an additional $2.5 million through April 30, 2011, upon the
achievement of certain performance based milestones through March 31, 2011. The
agreement also contains provisions for the potential draw-down of up to $3
million based upon Bacterin raising additional levels of equity
capital.
John
Gandolfo, CFO of Bacterin commented, “The completion of this credit facility
with Bridge Bank provides Bacterin with the additional capital to execute on our
current growth plans. We expect to utilize the proceeds of the
facility for general working capital purposes and to cover the cost of expected
increases in inventory purchases as our revenues and hospital account base
continue to grow. Our product penetration into hospitals is indeed
gaining momentum. During the fourth quarter of 2010, we secured an
additional 177 hospitals that now stock Bacterin biologic product on their
shelves, versus 96 new hospital accounts in the prior third quarter
period.”
About
Bacterin International Holdings,
Inc.
Bacterin
International Holdings, Inc. (“Bacterin”) develops, manufactures and
markets biologics products to domestic and international
markets. Bacterin’s proprietary methods optimize the growth factors
in human allografts to create the ideal stem cell scaffold and promote bone and
other tissue growth. These products are used in a variety of
applications including enhancing fusion in spine surgery, relief of back pain by
facet joint stabilization, promotion of bone fusion in foot and ankle surgery,
promotion of cranial healing following neurosurgery and subchondral bone defect
repair in articulating joint surgeries.
Bacterin’s
Medical Device division develops anti-microbial coatings based upon proprietary
coating technologies. Bacterin develops, employs, and licenses bioactive
coatings for various medical device applications. Bacterin’s
strategic coating initiatives include antimicrobial coatings designed to inhibit
biofilm formation and microbial contamination.
Headquartered
in Belgrade, Montana, Bacterin operates a 32,000 square foot, state-of-the-art,
fully compliant and FDA registered facility, equipped with four "Class 100"
clean rooms. For further information please visit www.bacterin.com.
Contact:
Yvonne L.
Zappulla
Managing
Director
Grannus
Financial Advisors, Inc.
212-681-4108
or
John
Gandolfo
Chief
Financial Officer
Bacterin
International Holdings, Inc.
406-388-0480
jgandolfo@bacterin.com
Certain statements in this news
release may constitute “forward-looking” statements within the meaning of
section 21E of the Securities and Exchange Act of 1934. Our
forward-looking statements include earnings guidance and other statements
regarding our expectations and beliefs. The Company believes that its
expectations, as expressed in these statements are based on reasonable
assumptions regarding the risks and uncertainties inherent in achieving those
expectations. These statements are not, however, guarantees of future
performance and actual results may differ materially. Risks and uncertainties
which may cause actual results to be different than expressed or implied in our
forward-looking statements include, but are not limited to, the risk factors
described under the heading “Risk Factors” in Amendment No. 2 to our Form S-1
filed January 7, 2011. The Company expressly disclaims any current
intention to update any forward-looking statements as a result of new
information or future events or developments.