CryoLife, Inc. (CRY), based in Atlanta, Georgia, is a biomaterials, medical device and tissue processing company. CryoLife processes and distributes implantable living human tissues for use in cardiac and vascular surgeries throughout the United States and Canada. Much of the company’s research efforts focus on the preservation of human cardiac and vascular cells as well as tissues, and the development of surgical adhesives that enable cardiac and vascular surgeons to repair and reconstruct complex cardiac and vascular anomalies.
The company received FDA clearance for its CryoValve®SG pulmonary human heart valve, processed using CryoLife’s proprietary SynerGraft® Technology. In addition, the company’s BioGlue® Surgical Adhesive, which is CE marked in the European community and approved in Canada and Australia, was approved by the FDA as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. The company also distributes the CryoLife-O’Brien® stentless porcine heart valve, which is CE marked for distribution within the European community.
The company recently entered into a credit facility with GE Healthcare Financial Services, which provides for up to $15M in revolving credit for working capital, acquisitions and other corporate purposes. The credit agreement expires in March 2011, at which time the outstanding principal balance will be due.
Amounts borrowed bear interest at LIBOR or the lender’s base rate, as defined, plus an applicable margin, and are secured by all of the assets of the company and its subsidiaries. The credit agreement includes various covenants such as minimum EBITDA, customary conditions on incurring new indebtedness and limitations on cash dividends.
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