Bridge Bank provided a credit facility consisting of a $7 million term loan and a $5 million revolving line of credit to iCAD, a medical technology company.
“We are pleased to obtain this new financing from Bridge Bank during this period of unprecedented economic impact from the global coronavirus pandemic,” Michael Klein, chairman and CEO of iCAD, said. “This new credit facility, and support from Bridge Bank, strengthens our balance sheet and provides us with additional operating flexibility.”
The four-year term loan will be interest-only for the first 18 months, which could be extended by an additional six months, if certain conditions are met. The line of credit has a two-year term and may be repaid and reborrowed at any time until its maturity date.
“The novel coronavirus (COVID-19) is impacting the healthcare system as a whole. Although we do not provide guidance to investors relating to results of operations, we expect that our results will be impacted as shipping, logistics, installation and training have been delayed and ordering patterns disrupted. We began to see this emerge in March and anticipate that it will continue through Q2,” Klein said. “During these uncertain times we remain very focused on disciplined execution of the highest return opportunities. This environment allows us to prove the unique value of our technologies. This includes one-day radiation therapy cancer treatment and AI-based solutions that personalize breast cancer screening based on individual patient risk characteristics.”
Headquartered in Nashua, NH, iCAD is a global medical technology company providing cancer detection and therapy solutions.
