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LiDCO agrees new loan facility with RBS
14 August 2008
LiDCO, the medical monitoring business, has replaced a major loan facility with a £1.25 million combined overdraft and invoice financing deal with Royal Bank of Scotland.
The new financing replaces a £1 million loan from Laurus that expired this month, of which LiDCO had drawn down £0.5 million.
LiDCO had been anticipating some sort of new facility and has been in talks to secure a new package.
Terry O'Brien, the company’s chief executive, said: “Securing of financing with RBS demonstrates confidence in the quality and strength of our business. It will provide the company with working capital to accelerate our growth as we continue to expand our global sales and distribution partners for the LiDCO products.'
Last month the company signed an exclusive distribution agreement with US speciality distributor KOL Bio Medical Instruments (KOL) for the sale of the LIDCOrapid Monitor in certain territories in the US.
LiDCO’s interim results for the six months to July 31 will be announced on October 30 2008.
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