Biologics maker Bacterin reorganizes management, ups headcount

Bacterin International Holdings, Inc. (AMEX:BONE), maker of bone graft material and anti-infective coatings, said it achieved its most productive processing month in July as it hired more people and reorganized management.

"As our first strategic reorganization in six years, our management team is now more integrated and aligned, and is now better prepared to meet the increasing demand for our medical device and biologics products," Guy Cook Chief Executive of Bacterin said in a newswire.

Belgrade, Montana-based Bacterin said with the three agency partners added last quarter it has greater ability to procure more donor tissues and expand its processing capacity to meet its growth objectives.

Bacterin’s 14 positions were hired internally through promotions. Ten positions were newly created, four were pre-existing and one was eliminated, the company said.

Earlier this week, the company reported it secured a 42 month-long $15 million credit facility with MidCap Financial LLC and Silicon Valley Bank.

"MidCap and [Silicon Valley Bank] will be strong partners for Bacterin in helping to fuel our growth," said CEO Guy Cook.

"This new credit facility substantially improves our working capital position while we continue to expand sales of our existing biologics products."

The financing carries interest for the first nine months alone, at an annual interest rate of one month LIBOR plus 7.5%. The remaining 33 months are subject to straight-line amortization.

Under the deals terms, Bacterin issued a warrant for MidCap, which focuses on middle market lending in healthcare, to purchase shares of Bacterin equalling 7% of the amount drawn under the credit facility, divided by the $2.55 exercise price.