Amedica completes debt exchange and reduces debt obligations by 47% year-over-year


Amedica Corporation (NASDAQ: AMDA), a company that develops and commercializes silicon nitride ceramics as a biomaterial platform, is pleased to announce it has reduced its total debt obligations to $12.9 million, a decrease of 47% from the prior year period, with the completion of the previously announced $3.0 million debt exchange.

"With these transactions complete, we have a cleaner, stronger balance sheet for the year ahead," said Dr. Sonny Bal, Chairman and Chief Executive Officer. "This is another key step in addressing the challenges before us, and positions the company for long-term success. We have now reduced our total debt from $24.3 million in July 2015 to under $13 million, giving us flexibility to evaluate other financing opportunities. Amedica continues to be an innovative scientific and manufacturing company with a remarkable biomaterial found in silicon nitride that has a wide variety of medical and industrial applications."

Pursuant to the terms and conditions of the exchange agreement, Amedica and Riverside agreed to exchange the additional $2.0 million of the principal amount of the Hercules term loan held by Riverside for an additional subordinated convertible promissory note in the principal amount of $2.0 million with a fixed conversion price of $1.43 and a warrant to purchase an additional 100,000 shares of common stock at a fixed price of $1.62 per share. The principal amount of the Hercules term loan is now $11.1 million resulting in a reduction of the Hercules term loan liquidity covenant to $5.0 million. Additionally, the principal amount of the Riverside subordinated convertible promissory note has been reduced from $3.0 million to $1.0 million as $2.0 million has been converted into shares of common stock of the Company. As of May 2, 2016, the Company has approximately 12.9 million shares of common stock outstanding following conversion of 67% of the Riverside subordinated convertible promissory note.

For more information on Amedica or its silicon nitride material platform, please visitwww.amedica.com.

 



May 5, 2016


Topic Area: Press Release


Recent Posts

Going Solar with No Upfront Costs

300 kW solar system and roof upgrade delivered with no upfront cost for medical center association.


Northwell Health Finds Energy Savings in Steam Systems

Case study: A proactive steam trap maintenance program is delivering millions in savings, fast payback and measurable carbon reductions across one of the nation’s largest health systems.


Endeavor Elmhurst Hospital Opens New 16-Bed Patient Observation Unit

The new patient unit marks the first completed project in a major campus expansion.


Sustainability as a Baseline in Healthcare Facilities

Hospitals can balance costs, build resilience and learn from global models for sustainable design to further their green goals.


Penobscot Valley Hospital Reports Data Security Incident

It immediately implemented its incident response procedures, took steps to secure systems and hired third-party forensic specialists to assist with an investigation.


 
 


FREE Newsletter Signup Form

News & Updates | Webcast Alerts
Building Technologies | & More!

 
 
 


All fields are required. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

 
 
 
 

Healthcare Facilities Today membership includes free email newsletters from our facility-industry brands.

Facebook   Twitter   LinkedIn   Posts

Copyright © 2023 TradePress. All rights reserved.