Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) announced that it has entered into a term loan agreement with Bridge Bank. The agreement provides Ekso Bionics with up to $10 million of potential borrowing capacity. The initial term loan of $7 million funded on December 30, 2016. Prior to December 31, 2017, Ekso Bionics has the ability, at its discretion, to secure an additional $3 million term loan, provided certain conditions are met.
“We are thrilled to have the support and confidence of a leading technology and life science lender such as Bridge Bank,” stated Thomas Looby, chief executive officer of Ekso Bionics. “We are beginning to see solid traction in both our medical rehabilitation business – where last year’s FDA clearance is really starting to make a difference – and our industrial business – where pilot programs are now transitioning to a scalable business model. This financing with a partner like Bridge Bank provides capital on attractive terms that can support the continued growth of our exoskeleton technology, commercialization, and business fundamentals.”
“Bridge Bank is excited to be partnering with Ekso Bionics,” said Rob Lake, senior vice president and head of Bridge Bank’s life sciences group. “I am impressed with the technology and the momentum at the company, and we are pleased to be a resource to support Ekso Bionics as it moves forward.” (Original Source)
Shares of EKSO BIONICS HOLDING closed yesterday at $4.08, up $0.07 or +1.75%. EKSO has a 1-year high of $6.38 and a 1-year low of $3.45. The stock’s 50-day moving average is $4.33 and its 200-day moving average is $4.71.
Ekso Bionics Holdings, Inc. designs, develops and sells wearable bionic human exoskeletons that have applications in healthcare, industrial, military, and consumer markets. The company operates through Engineering Services and Medical business segments. The Engineering services segment engages in research and development service arrangements, technology license agreements, and government grants. The Medical service segment designs, engineers, and manufactures exoskeletons for applications in the medical and military markets.