Acutus Medical, an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated, entered into a new longer-term credit facility with Deerfield Management to refinance its existing debt. The Company expects these transactions to fund its long-term growth objectives.
Acutus has closed a new debt facility with investment funds affiliated with Deerfield Management for $35 million in aggregate principal with a maturity date of June 30, 2027 as well as amortization payments becoming due 36, 48 and 60 months following the closing of the loan.
In connection with the refinancing, Acutus has issued warrants to purchase an aggregate of 3,779,018 shares of common stock to Deerfield at a price of $1.1114 per share, subject to certain adjustments. In conjunction with this new facility, the Company settled outstanding debt obligations under its 2019 credit agreement.
“We continue to advance our strategic initiatives to drive adoption of our differentiated mapping and therapy platform as well as improve our financial and operational performance,” said David Roman, Interim CEO and CFO of Acutus Medical. “The first closing of the sale of our left-heart access portfolio as well as the refinancing of our debt structurally transforms the Company’s financial position and enables us to further invest in critical product and market development programs. We are pleased with the progress in our business and the execution of our focused operating model and will provide further updates on our second quarter earnings call in August.”
