Cheetah will use the loan proceeds to retire existing debt and to invest in its sales and marketing efforts in the U.S. $18 million of the loan was funded at closing, with another $2 million available as of Q1/2019, subject to certain milestones.
“We are pleased to be working with the team at SWK and their approach to partnering with companies like Cheetah. They impressed us with their insightful questions during diligence and their shared confidence in Cheetah’s prospects in developing this very exciting market,” commented Kevin McArdle, chief financial officer of Cheetah Medical. “We look forward to our continued collaboration with SWK as we work to become standard of care in the management of critically ill patients worldwide. The capital secured through this agreement will provide crucial support to our sales, marketing and clinical efforts.”
“SWK is pleased to partner with Cheetah to provide minimally dilutive, flexible capital to help the company grow its highly innovative hemodynamic monitoring solution,” said Winston Black, SWK CEO. “We believe the Starling SV gives clinicians real-time data needed to guide patient fluid management decisions, which further provides substantial economic benefits to the healthcare system. We are particularly impressed with the company’s ability to improve the care and outcomes of patients suffering from sepsis, a deadly condition that costs the healthcare system considerable financial resources.”
Cheetah Medical is a provider of non-invasive fluid management monitoring technologies, designed for use in critical care, operating room and emergency department settings. The company’s fluid management systems currently make an impact in more than 400 hospitals throughout the U.S. and in 30 countries worldwide.