Tuesday, June 30, 2009

NMT Medical adds $4M loan to coffers

By Mass High Tech staff

Video Gallery

MHT's Galen Moore: Hiring trends and opportunities

MHT's Marc Songini: Technology to keep seniors healthy

MHT's Marc Songini: RI plans launch of cord blood center

Related News

NMT Medical’s president and CEO Ahern retiring [February 10, 2009]

Court awards NMT $2.25M in patent suit against Cardia [May 20, 2008]

Biogen shareholders: CEO pay 'inconsistent' with poor stock performance [November 20, 2009]

Corindus raises $4.7M in equity funds [November 20, 2009]

Agrivida nets $2M USDA grant for biofuels research [November 20, 2009]

Boston-based device maker NMT Medical Inc. has received a two-year line of credit worth $4 million from Silicon Valley Bank. The loan will be used to help finance the company’s clinical trials and development programs, NMT Medical officials said in a press release.

The extra funding also supports NMT’s treatment for structural heart disease.

NMT Medical (Nasdaq: NMTI) develops implant technologies that treat structural heart disease using minimally invasive, catheter-based procedures.

The company has seen a number of personnel changes in the executive management team. Earlier this month, NMT Medical named Richard Davis, NMT chief operating officer, to the board of directors. In February, the company announced the retirement of president and CEO John Ahern, who was replaced permanently two months later by Frank Martin, who had been serving as interim president and CEO. Martin said in a statement that he plans to transition NMT’s focus on research and development to one emphasizing the sales and marketing of its BioSTAR product, a bioabsorbable septal repair implant for the heart.

Silicon Valley Bank is a subsidiary of SVB Financial Group of Santa Clara, Calif.