Viking Systems Inc. is a leading worldwide developer, manufacturer and supplier of 2D and 3D visualization solutions for the medical market. The company provides surgeons with proprietary visualization systems enabling minimally invasive surgical procedures that reduce patient trauma and recovery time.
The company announced today that it has entered into an investment agreement for a $5 million equity line with Dutchess Opportunity Fund. Dutchess Capital is an investment manager which provides creative financing for promising, growth-stage companies. Under terms of the agreement, Dutchess has committed to purchase up to $5 million of the company’s stock over thirty-six months. While the per share price will be determined based on market prices in accordance with an agreed upon formula, Viking Systems is not obligated to draw on the equity line.
Viking Systems expects that this flexible financing arrangement will provide the company with the capital required to fund the launch of their ‘next generation’ 3DHD camera system. With this agreement in place, the company has strengthened its financial position and is now fully prepared to expand its presence in the minimally invasive surgical market.
During 2009, Viking Systems experienced significant interest in its three dimensional (3D) visualization systems from surgeons and other medical professionals as a result of interactive demonstrations at the American College of Surgeons Annual Congress in October 2009 and at MEDICA, the world’s largest medical equipment trade fair, held every November in Dusseldorf, Germany.