Healthcare IT and advanced visualization developer Merge Healthcare of Milwaukee has completed a $20 million financing deal.
The firm issued a $15 million senior secured note paying interest at 13% a year and 6.8 million shares of common stock to investment firm Merrick RIS. The company netted proceeds of $16.6 million after costs, closing fees, and prepaid interest.
In connection with the deal, five of the company's 11 board members have stepped down: Michael D. Dunham, Robert A. Barish, Ramamritham Ramkumar, R. Ian Lennox, and Kenneth D. Rardin. They've been replaced by members designated by Merrick, including Michael W. Ferro Jr., Neele Stearns Jr., Gregg G. Hartemayer, Justin C. Dearborn, and Nancy J. Koenig.
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