Wednesday, February 20, 2008

CompuMed---to enable physicians and patients everywhere to have affordable and rapid access to medical diagnostic information got VCs funding

What Company Is Offering:
CompuMed develops and markets medical devices and services in the cardiovascular and musculoskeletal fields that utilize state-of-the-art computer and communications technologies to enable physicians and patients everywhere to have affordable and rapid access to medical diagnostic information. CompuMed’s two principle products are the CardioGram® and the Automated OsteoGram®, both of which have been cleared for marketing by the U.S. Food and Drug Administration, and approved for reimbursement by Medicare. Located in Los Angeles, California, CompuMed currently has approximately 20 employees. The company’s common stock trades under the symbol CMPD.

How Much They Got From VCs:

They announced that the Company entered into a credit agreement with Boston Avenue Capital, LLC, (“BAC”) on February 15, 2008. The facility provides for a new revolving line of credit up to $4 million and is intended to provide liquidity and working capital for growth initiatives and future expansion, including acquisitions. Availability under the new revolving line of credit is subject to certain conditions precedent, which are described in the Company’s current report on Form 8-K, to be filed with the SEC on February 19, 2008. Maurizio Vecchione, CompuMed’s president and CEO said, “We are pleased to announce this new unsecured revolving credit facility. In the currently challenging credit environment, it is important that we have immediate access to funds at favorable terms and rates in order to help us execute on our growth strategy.” Vecchione added, “We have identified expansion and consolidation opportunities within both our telecardiology and musculoskeletal businesses. The facility will provide us with the financial flexibility to pursue these opportunities and achieve our near-term growth initiatives.”

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