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Xtant Medical Announces OrbiMed Financing, Engages Restructuring Advisor

May 15, 2017, 08:00 AM
Filed Under: Medical

Xtant Medical Holdings, Inc., a firm active in the development of regenerative medicine products and medical devices, announced it has entered into an amendment to its senior credit facility with affiliates of OrbiMed Advisors for a financing of up to $15 million with the proceeds being used to pay off its outstanding balance of approximately $9 million under its accounts receivable credit facility with Silicon Valley Bank with the remainder for general working capital purposes.  Additionally, OrbiMed has deferred the interest originally due under the senior credit facility January 2, 2017 and March 31, 2017 to June 30, 2017.

Xtant Medical also announced it has entered into an agreement on May 8, 2017 with Aurora Management Partners Inc. to engage David Baker and Wayne Tanner as restructuring officers to assist with day-to-day operations of the company and implementation of an operating business plan. The restructuring officers will report to the special restructuring committee of Xtant Medical’s Board of Directors.

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