New facility provides additional working capital to continue Company market expansion plans
BELGRADE, Mont., May 26, 2016 (GLOBE NEWSWIRE) — Xtant Medical Holdings, Inc. (NYSE MKT:XTNT), a leader in the development, manufacturing and marketing of orthopedic products for domestic and international markets, today announced the completion of an accounts receivable revolver credit facility with Silicon Valley Bank to provide up to $6 million in funds to the Company.
Dan Goldberger, Chief Executive Officer, commented, “We are extremely pleased to announce this new credit facility, which improves our financial flexibility, allowing us to continue execution of our near-term growth strategy. We now have additional liquidity available to build inventories to meet the backlog of demand for our products. This new credit facility is an important milestone in the continued growth of our Company.”
Priya Iyer, Director with SVB’s Life Sciences and Healthcare Practice, added, “We’re thrilled to be partnered with Xtant Medical Holdings, as the Company continues to expand its portfolio of orthopedic products to improve the quality of patient’s lives. Our objective is to provide the Xtant team with the right financing, connections and global services that they need to meet their corporate objectives.”
About Xtant Medical Holdings
Xtant Medical Holdings, Inc. (NYSE MKT:XTNT) is a leader in the development, manufacturing and marketing of orthopedic products for domestic and international markets. Xtant products serve the specialized needs of orthopedic and neurological surgeons, including orthobiologics for the promotion of bone healing, implants and instrumentation for the treatment of spinal disease, tissue grafts for the treatment of orthopedic disorders, and biologics to promote healing following cranial, and foot and ankle surgeries. With core competencies in both biologic and non-biologic surgical technologies, Xtant can leverage its resources to successfully compete in global neurological and orthopedic surgery markets. For further information, please visit www.xtantmedical.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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