“These discussions are progressing well and the board is optimistic of being able to agree a solution with MidCap Financial"
() said it is in talks regarding the financial covenants on a term loan and revolving credit facility from MidCap Financial Trust.
Covenants are the conditions on which loan finance is granted and are tested periodically.
Tissue said it is “proactively engaged” in negotiations over a revenue test, which it looks likely to fail.
“These discussions are progressing well and the board is optimistic of being able to agree a solution with MidCap Financial,” the regenerative medicines specialist said.
As of last Friday (November 8), the company had drawn US$7.5mln of the term loan and US$600,000 of the revolving credit facility. The cash balance as of the end of last month was US$9.3mln.
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