UPDATED Dec. 21, 5:55 p.m.
Stereotaxis Inc. (NSDQ:STXS), Casenet LLC and Capricor Inc. each raised new funding through various financial instruments.
St. Louis, Mo.-based Stererotaxis closed on a $40 million credit facility that the company first announced in November.
Stereotaxis, which develops cardiology instruments to treat arrhythmia, is able to "balance [its] capital structure in a manner that minimizes [its] cost of capital and equity dilution," according to a press release.
"We believe the increased liquidity and financial flexibility provided by this facility should enhance our ability to drive to commercial success with our technology platform," CEO Mike Kaminski said in prepared remarks.
The credit line from Silicon Valley Bank consists of a $30 million revolving facility that matures in March 2012 and a $10 million term loan that matures in December 2013. The commitment from the bank was contingent upon Stereotaxis raising $10 million in additional equity, which it sought through a public offering, and a recently completed extension of the $10 million guarantee from two unnamed shareholders, according to Stereotaxis.
For its part, Bedford, Mass.-based Casenet raised $8.4 million of a planned $8.8 million equity-based funding round, according to a filing with the federal Securities & Exchange Commission.
The investors in the round were not named, but Michael Neidorff, Jesse Hunter and Donald Imholz of St. Louis-based healthcare services firm Centene Corp. are listed as company directors in the filing. The filing also lists as related persons Casenet CEO and board member Kevin Brown, CFO Denis Liptak and Peter Grua, a partner at Boston-based HLM Venture Partners, which has previously invested in the company. Its other investors have included Sigma Partners and Aurora Funds.
The healthcare management software company last raised $2 million in debt financing in an August round. Its product offering includes applications used by health plan providers to predict and coordinate patient care.
Lastly, Los Angeles-based Capricor took in "nearly $2 million," according to the company, which is developing a regenerative treatment for damaged heart muscle and plans to use the funding to support clinical trials in the U.S.
Capricor’s latest SEC filing from July 28, 2010, lists as executive officers CEO Linda Marban and director of research and development Rachel Smith, plus directors Louis Manzo and Louis Grasmick. Both men are investors in the company, according to a Maryland state government document (PDF). The filing lists Linda Marban’s husband, Cedars-Sinai Heart Institute director Dr. Eduardo Marban, as a promoter. Dr. Marban is also founder, scientific advisor and a former director for the company.
Boston-based early stage investor Broadview Ventures Inc. also joined the round. The foundation-backed firm "is dedicated to accelerating the development of promising technology in cardiovascular and neurovascular disease," according to its website.
"Capricor’s scientific approach is a unique path to regeneration. Unlike other approaches using stem cells from tissues other than the heart, these cells don’t need to be taught to function in cardiac tissue; they already know their role. To us, that’s exciting and represents a high-potential investment," Broadview advisor Christopher Colecchi said in prepared remarks.
