Xtant Medical (NYSE:XTNT) said today that it amended its senior credit line with OrbiMed Advisors, saying it plans to use the $15 million facility to pay off the $9 million it owes to Silicon Valley Bank.
The balance is earmarked for general working capital, the Belgrade, Mont.-based spinal implant maker said. Orbimed also deferred interest payments that were due in January and March to June 30, Xtant said.
The company said it also tapped a pair of advisors to guide it through a restructuring. The May 8 agreement with Aurora Management Partners resulted in the hiring of David Baker and Wayne Tanner as “restructuring officers to assist with day-to-day operations of the company and implementation of an operating business plan,” Xtant said.
Xtant was formed when Bacterin paid $86 million for spinal implant maker X-Spine Systems in July 2015. Last November the company won 510(k) clearance from the FDA for its Xsert lumbar expandable interbody spine implant.