Titan Medical Announces $1.5 Million Senior Secured Loan Facility With a Leading Global Medical Technology Company
Titan Medical Inc. - Ordinary Shares (TMDI)
Company Research
Source: Business Wire
TORONTO--(BUSINESS WIRE)--Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of a single-port robotic surgical system for application in minimally invasive surgery (“MIS”), announces that it has closed a US$1.5 million senior secured loan facility (“Loan Facility”) from a leading global medical technology company. The Loan Facility has an interest rate of 8% per annum and is repayable not later than April 29, 2023.Titan intends to use the proceeds under the Loan Facility for general corporate purposes while it seeks additional financing to meet its longer-term capital needs to support the development of its single-port robotic surgical system, instruments and accessories; and funding working capital (including the reduction of outstanding payables).“We are delighted to receive medical device industry support in the form of this loan facility, which provides needed capital at a crucial time,” said
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