Computer-aided detection developer Medipattern said it has arranged a term debt facility to provide up to $1 million of working capital.
The loan vehicle requires advances to be made monthly to Medipattern, initially for $100,000, in exchange for secured notes to be issued by the company under the facility. The notes will mature on June 30, 2013, and will bear interest at the rate of 6% annually, calculated monthly and payable at maturity, according to Medipattern.
Medipattern plans to use the capital raised from the funding to further support its Visualize:Vascular sales efforts.
