Admedus secures $10m debt facility

Medical technology company Admedus has attracted investment group Partners for Growth for a $10 million debt facility, as it continues development of its products.

Perth-based Admedus said the facility comprised a $5 million revolving line of credit, and a $5 million term loan, with San Francisco-based PFG to also receive a seven-year warrant for the issue of about 4.9 million Admedus shares worth 25 cents each.

“The outlook for Admedus has never been more confident than it is today; we are on track to ambitiously expand our business,” Admedus chief executive Wayne Paterson said.

“PFG has a strong track record supporting high-growth Australian companies such as ours and we look forward to working with them as we take Admedus to the next level globally.

“Today’s agreement is consistent with our longstanding commitment to avoid raising capital in a way that would unduly dilute the position of our very patient and enormously supportive shareholders.”

Shares in Admendus were 1.9 per cent lower to 25.5 cents each at 11am.