QUEBEC CITY, Feb. 27, 2019 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSX: OPS) (OTCQX: OPSSF) is pleased to announce that it has entered into an $8 M credit agreement (the "Agreement") with CIBC Innovation Banking (CIBC).
"The Agreement offered carries excellent conditions. We are proud of the confidence shown by the CIBC, a high-profile Canadian institution. They have facilitated a very advantageous funding to support our strategic plan and growth for the foreseeable future," indicated Louis Laflamme, President and Chief Executive Officer. "The Agreement will give Opsens the flexibility to progress in its strategy to create value for shareholders, as we intensify our presence on the American market."
The Agreement consists of a $7 M term loan, set to mature in 60 months and of a $1 M revolving operating credit margin, set to mature in one year and that may be renewed on an annual basis. The Agreement bears at usual Canadian bank loan rates.
The proceeds of the Agreement will support growth, innovation and provide working capital.
"We are pleased to support Opsens' continued efforts to grow and deliver state-of-the-art products to diagnose and treat patients with coronary heart blockages," said Eric Laflamme, Managing Director Quebec Region, CIBC Innovation Banking.
About CIBC Innovation Banking
CIBC Innovation Banking is a full-service business that delivers strategic advice and funding to North American technology and innovation clients at each stage of their business cycle, from start up to IPO and beyond. CIBC Innovation Banking brings extensive experience and a strong, collaborative team that extends across commercial banking and capital markets in Canada and the U.S.
Opsens focuses mainly on the measure of FFR and dPR in interventional cardiology. Opsens offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a 2nd-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of over 50,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada.
Opsens is also involved in industrial activities in developing, manufacturing and installing innovative fibre optic sensing solutions for critical applications.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any futures results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE OPSENS Inc.
For further information: Louis Laflamme, CPA, CA, President and Chief Executive Officer, 418.781.0333; Robin Villeneuve, CPA, CA, Chief Financial Officer, 418.781.0333