Caliber Imaging & Diagnostics closed a $5 million term loan financing from Bridge Bank.

The first $3 million tranche will be funded upon closing and the remaining tranche of $2 million will be available upon satisfaction of certain operational and financing covenants.

The proceeds from this financing will be used to expand sales and marketing team and capabilities and for working capital and general corporate purposes.

The company also raised $1.5 million in equity financing in a private placement with existing shareholders.

“The Caliber team was pleased to work with the Maxim Group to find a partner like Bridge Bank. The proceeds from these financings will enable us to execute upon our strategic growth plan,” said Mike Hone CEO of Caliber I.D.

Andover, MA-based Caliber Imaging & Diagnostics designs and manufactures in-vivo and ex-vivo confocal microscopy equipment for the medical device, clinical research and life science industries.