Located in Belgrade, Montana, Bacterin International Holdings develops, manufactures and markets biologics products to domestic and international markets. Today, Bacterin announced it has closed on the Bridge Bank, N.A. revolving accounts receivable line of credit for up to $5 million.
Bridge Bank was founded in 2001 and is a full service professional business bank. The financing provided to Bacterin has a 2 year term and carries an interest rate of the Bridge Bank prime rate plus 2.25%.
The credit facility with Bridge Bank comes on the heels of an announcement that Bacterin received an asset backed lending facility of up to $8 million with Western Technology Investment (WTI) that was completed in November 2010.
Leading the team at Bacterin International Holdings is CEO John Gandolfo. Commenting on what this news will mean to the future of Bacterin, Gandolfo was quoted as saying, “The completion of this credit facility with Bridge Bank provides Bacterin with the additional capital to execute on our current growth plans. We expect to utilize the proceeds of the facility for general working capital purposes and to cover the cost of expected increases in inventory purchases as our revenues and hospital account base continue to grow. Our product penetration into hospitals is indeed gaining momentum. During the fourth quarter of 2010, we secured an additional 177 hospitals that now stock Bacterin biologic product on their shelves, versus 96 new hospital accounts in the prior third quarter period.”
To learn more about this up-and-coming company, visit their website at: www.bacterin.com.