Venus Concept announces loan purchase, completes of 1st phase of refinance

Venus Concept announced that on April 23 its existing Main Street Lending Program Loan was purchased by affiliates of Madryn Asset Management, for an undisclosed amount from the City National Bank of Florida with the consent of the Company . Following close of the MSLP Loan Purchase, Venus Concept and Madryn entered into a Loan and Security Agreement , dated April 23 pursuant to which Madryn provides an aggregate principal amount of up to $5.0Min debt financing to the Company to support near-term liquidity requirements. A principal amount of $2.0M net of transaction fees was drawn by the Company at the close of the transaction. …”Madryn is pleased to support Venus Concept in its continued journey towards restructuring the overall operational and financial profile of the business,” said Avinash Amin, MD, Managing Partner at Madryn Asset Management, LP. “Our purchase of the senior debt from CNB and providing bridge financing to the Company is another step in our continued partnership with Venus Concept as it works towards the goal of returning to growth and sustained profitability as a public company.”