Xtant Medical reports OrbiMed financing; Aurora Management Partners agreement: 5 notes

Spinal Tech

Xtant Medical announced OrbiMed financing as well as an agreement with Aurora Management Partners.

Here are five notes:


1. The device company entered into an amendment to its senior credit facility with OrbiMed Advisors' affiliates.   


2. Xtant Medical will use up to $15 million financing to pay off its outstanding balance of about $9 million under its accounts receivable credit facility with Silicon Valley Bank.


3. The rest of the financing proceeds will go toward general working capital purposes.


4. OrbiMed deferred the interest due under the senior credit facility to June 30.  


5. Additionally, Xtant Medical and Aurora Management Partners entered into an agreement to involve David Baker and Wayne Tanner as restructuring officers. They will help with daily company operations and as well as an operating business plan implementation.


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