Monday, July 1, 2013

Cytori Gets $27M In Loan

San Diego-based Cytori Therapeutics announced this morning that it has entered into a $27M, term loan, from Oxford Finance Corporation and Silicon Valley Bank. The biotechnology developer, which is developing treatments for cardiovascular disease and other conditions, said the term loan is being used to prepay and existing loan with GE Capital, Oxford Finance Corporation, and Silicon Valley Bank. Cytori said the new loan has a fixed interest rate of 9.75%, and includes a 12-month, interest-only option. The company also said it has issued warrants to Oxford Finance Corporation and Silicon Valley Bank as part of the deal, worth 596,6633 shares at $2.26 per share.