iCAD, Inc., a global medical technology leader providing innovative cancer detection and therapy solutions, announced that it has entered into a credit facility with Bridge Bank, a division of Western Alliance Bank, effective March 30, 2020.

The new credit facility consists of a $7 million term loan and a $5 million revolving line of credit. The four-year term loan will be interest-only for the first 18 months, which could be extended by an additional six months, if certain conditions are met. The line of credit has a two-year term and may be repaid and reborrowed at any time until its maturity date.

“We are pleased to obtain this new financing from Bridge Bank during this period of unprecedented economic impact from the global coronavirus pandemic,” said Michael Klein, Chairman and CEO of iCAD. “This new credit facility, and support from Bridge Bank, strengthens our balance sheet and provides us with additional operating flexibility.”

“The novel coronavirus (COVID-19) is impacting the healthcare system as a whole. Although we do not provide guidance to investors relating to results of operations, we expect that our results will be impacted as shipping, logistics, installation and training have been delayed and ordering patterns disrupted. We began to see this emerge in March and anticipate that it will continue through Q2.

During these uncertain times we remain very focused on disciplined execution of the highest return opportunities,” Mr. Klein continued. “This environment allows us to prove the unique value of our technologies. This includes one-day radiation therapy cancer treatment and AI-based solutions that personalize breast cancer screening based on individual patient risk characteristics.”